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 December 31, 2019 Clock Mirror Combined Sales $ 210,000 $ 95,000 $ 385,000 Cost of goods sold 102,900 58,990 161,800 Gross profit 107,100 36,100 143,200 Direct expenses Sales salaries 20,800 7,000 27,800 Advertising 1,368 980 2,260 Store Supplies used 1,380 800 2,100 Depreciation-Equipment 1,660 700 2,360 Total direct expenses 25,120 9,400 34,520 Allocated expenses Rent expense 7,020 3, 780 10.800 Utilities expense 7,860 4,200 12,000 Share of office department expenses 10. See 4.50 000 Total allocated expenses 25, 320 12.480 37,800 Total expenses 50,440 21,88e 72,329 Net income $ 56,660 S 14,220 $78,880 Williams plans to open a third department in January 2020 that will sell paintings. Management predicts that the new department will generate $74,100 in sales with a 55% gross profit margin and will require the following direct expenses: sales salaries, 58,800, advertising. $1.200: store supplies, $900, and equipment depreciation, 5600. 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 occupied 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 Pointing 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' gross profit percents or 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 Direct expenses Total direct expenses Allocated expenses Total allocated expenses Total expenses