Williams Company began operations in January 2019 with two operating (selling) departments and one service office) department its departmental income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended Decenber 31, 2019 Clock Mirror Combined Sales $ 210,000 $ 95,000 $ 305,000 Cost of goods sold 102.990 58.900 161,800 Gross profit 107, 100 36,100 143,200 Direct expenses Sales salaries 20,800 7,000 27,800 Advertising 1,360 900 2,260 Store supplies used 1,300 300 2,109 Depreciation-Equipment 1,660 700 2,360 Total direct expenses 25, 120 9,400 14,520 Allocated expenses Rent expense 7,020 3,780 10,000 Utilities expense 7,800 4,200 12,000 Share of office department expenses 10,500 4.500 15,090 Total allocated expenses 25,320 12,480 37.000 Total expenses 50.400 21,30 72320 Net Income 556,660 514,220 5 70,880 Williams plans to open a third department in January 2020 that will sell paintings Management predicts that the new department will generate 574 100 in soles with a 55% gross profit margin and will require the following direct expenses soles salaries, $8.800 advertising, S1,200, store supplies. $900, and equipment depreciation, $600. It will fit the new department into the current rented space by taking some square footage from the other two departments. When opened, the new Painting department will fill one-fifth of the space presently used by the Clock department and one fourth used by the Mirror department Management does not predict any Increase in utilities Costs, which are allocated to the departments in proportion to occupled space for rent expense). The company allocates office department expenses to the operating departments in proportion to their sales. It expects the Painting department to increase total office department expenses by $23.000 Since the Painting department will bring new customers into the store, management expects soles in both the Clock and Mirror departments to increase by 8%. No changes for those departments grass profit percent of their direct expenses are expected except for store supplies used, which will increase in proportion to sales Required: Prepare departmental income statements that show the company's predicted results of operations for calendar-year 2020 for the three operating selling departments and their combined totals (Do not round Intermediate calculations, Round your final answers to nearest whole dollar amount.) WILLIAMS COMPANY Forecasted Departmental Income Statements For Year Ended December 31, 2020 Clock Mirror Paintings Combined 0 0 Direct expenses 0 0 0 Total direct expenses Allocated expenses 0 0 0 0 Total allocated expenses Total expenses 0 0 0 0 0 0 S 0 S 0