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 $ 160,000 $125,000 $285,000 Cost of goods sold 70400 27500 155,000 Gross profit 81,600 129,100 Direct expenses Sales salaries 22,000 7.400 29,400 Advertising 2.000 2,300 Store supplies used 1,200 550 1,750 Depreciation Equipment 2.000 sa 2,500 Total direct expenses 27,200 9.se 36,250 Allocated expenses Lent expense 7,100 4,050 11,150 utilities expense 2.400 1,500 Share of office department expenses 12,000 4.500 16,500 Total allocated expenses 21,500 10,000 Total expenses 48.780 19,130 67,330 Net Income $ 32,900 $.25,370 5 61,270 Wiliams plans to open a third department in January 2020 that will sell paintings Management predicts that the new department will generate $61000 in sales with a 55% gross profit margin and will require the following direct expenses: sales salaries, $6,500, advertising, 51200, store supplies. $900, and equipment depreciation, $300. 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 filone 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 $8,000. Since the Painting department will bring new customers into the store, management expects sales in both the Clock and Mirror departments to increase by 9%. 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 calendor-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 0 Sales Cost of goods sold Gross profit Direct expenses Sales salaries Advertising Store supplies used Depreciation of equipment Total direct expenses Allocated expenses Rent expense Utilities expenso Share of office dept. expenses Total allocated expenses Total expenses Net income 0 0 0 0 0 0 0 0 0 0 0 0 $ 0 S 0 $ 0 S 0