Percent of Sales Pro Forma Given data: Current Sales $4 million, COGS 50%,Operating expenses 25% of sales, Depreciation expense $100,000. Interest expense 2% sales. Tax rate 30%, Dividend payout 40%. 100,000 shares stock outstanding. Complete the current income statement. Complete a proforma income statement for next year. Sales projections indicate 10% growth. No change in depreciation expense. Use the templates below Proforma Income Current Year Increase Proforma Income Statement Statement Sales 4,000,000 Cost of Goods Sold 2,000,000 Oper Expenses 1,000,000 Depreciation 100,000 EBIT 900,000 Interest Expense 80,000 EBT 820,000 246,000 EAT 574,000 Dividends 229,600 Retained Earnings 344,400 Dividends per Share 2.30 Earnings per Share 5.74