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 $ 130,000 55000 $185.000 Cost of goods sold 63 700 34100 92 800 Gross proti 66,300 20, 900 200 Direct expenses Sales salaries 20,000 7.000 2700 Advertising 1,200 Sd 1,00 Store supplies used 900 400 1300 Depreciation Equipment 1,500 300 2800 Total direct expenses 23,600 B 200 31,800 Allocated expenses Rent expense 7,020 3.700 10.000 Utilities expense 2, 600 1.400 1.000 Share of office department expenses 10, 500 4,500 15 000 Total allocated expenses 2012090 29.000 Total expenses 43,720 17, 61,600 Net income $ 22,580 3.020 25,699 Williams plans to open a third department in January 2020 that will sell paintings Management predicts that the new department will generate $50,000 in sales with a 55% gross profit margin and will require the following direct expenses sales salaries $8.000. Williams plans to open a third department in January 2020 that will sell paintings. Management predicts that the new department will generate $50,000 in sales with a 55% gross profit margin and will require the following direct expenses: sales salaries $8,000; advertising, $800; store supplies, $500, and equipment depreciation, $200. 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 $7,000. Since the Painting department will bring new customers into the store, management expects sales in both the Clock and Mirror departments to increase by 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 0 0 0 0 Direct expenses 0 0 0 0 Total direct expenses Allocated expenses 0 0 0 Total allocated expenses Total expenses 0 0 0 0 $ 0 $ 01 S 0