Williams Company began operations in January 2019 with two operating (seling) 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 $ 230,000 $105,000 $335,800 Cost of goods sold 112,700 65,108 177,800 Gross profit 117,380 39,900 Direct expenses 157,200 Sales salaries 21,500 8,200 29,700 Advertising 2,200 300 2,500 Store supplies used 580 550 1,050 Depreciation Equipment 2.000 600 2,600 Total direct expenses 26,280 9.650 35,850 Allocated expenses Rent expense 7,050 3,600 10,650 utilities expense 2,980 2,100 5,000 Share of office department expenses 13,500 9,800 22,500 Total allocated expenses 23,450 14,700 38,150 Total expenses 49,650 24 35e 74,000 het income $ 67,650 $ 15,550 $ 83,200 Williams plans to open a third department in January 2020 that will sell paintings. Management predicts that the new department will generate 552.000 in sales with a 65% gross profit margin and will require the following direct expenses: sales salaries, $8,500, advertising S1000, store supplies, 5700; and equipment depreciation, $400. 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 its costs, which are allocated to the departments in proportion to occupied space for rent expensel. The company allocates office department expenses to the operating departments in proportion to their sales. It expects the Painting department to increases totalice department expenses by 57,800. Since the Painting department will bling new customers into the store management expects sales in both the clock and Mirror departments to increase by 5%. No changes for those departments gross profit percent or the 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 opening departments and their combined total (Do not round Intermediate calculations. Round your final answers 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 answe 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