Given the income statement below for Imperial Products Corporation for 2009, and a 20% growth in sales for 2010, prepare a pro forma income statement.
Imperial Products Corp.
Income Statement for 2009
Sales Revenue ..... $28,800,000
COGS .......... 11,400,000
SG&A Expenses ..... 6,800,000
Depreciation Expenses .... 2,300,000
EBIT ......... $8,300,000
Interest Expense ..... 1,200,000
Taxable Income ..... $7,100,000
Taxes ........ $2,414,000.00
Net Income ....... $4,686,000.00