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 Mirror $ 180,000 $115,000 295,000 Clock Combined Sales 71,300 43,700 Cost of goods sold 88,200 159,500 Gross profit Direct expenses 91,800 135,500 20,500 1,200 800 27,400 1,900 1,450 Sales salaries 6,900 Advertising Store supplies used Depreciation-Equipment Total direct expenses Allocated expenses 700 650 2,400 33,150 1,800 600 8,850 24,300 7,040 2,400 11,500 3,660 2,100 8,500 10,700 Rent expense Utilities expense Share of office department expenses Total allocated expenses Total expenses 4,500 20,000 20,940 45,240 14,260 35,200 23,110 68,350 $46,560 $ 20,590 $ 67,150 Net income Williams plans to open a third department in January 2020 that will sell paintings. Management predicts that the new department will generate $52,000 in sales with a 75% gross profit margin and will require the following direct expenses: sales salaries, $7,000; advertising, $900; store supplies, $700; 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 occupied space (or 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 $8,500. Since the Painting department will bring new customers into the store, management expects sales in both the Clock and Mirror departments to increase by 14%. 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 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 Drov 16 of 19 Not