A $90^{\circ}$ horizontal reducing bend has an inlet diameter of $4 \mathrm{in}$. and an outlet diameter of $2 \mathrm{in}$. If water enters the bend at a pressure of $40 \mathrm{psig}$ and a flow rate of $500 \mathrm{gpm}$, calculate the force (net magnitude and direction) exerted on the supports that hold the bend in place. The loss coefficient for the bend may be assumed to be 0.75 based on the highest velocity in the bend.