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Pro Forma Income Statements Presented below is the consolidated statement of earnings for Mann \& Miller, Inc. Required - Sales growth is 10 percent per year. - Gross profit margin is 65 percent. - Effective income tax rate is 29 percent. - Selling, marketing \& administrative expenses, research expenses, and other income and expenses net all vary as a function of sales. - Purchased in-process R\&D, and interest income remain constant at the 2015 level. - Interest expense is six percent of the beginning balance of long-term debt. - Long-term debt at the end of 2015 is $2,300 and increases by five percent each year. Instructions 1. Round answers to the nearest whole number. 2. Use rounded Sales figure for subsequent calculations. computations. Do not round until your final answer. Pro Forma Income Statements Presented below is the consolidated statement of earnings for Mann \& Miller, Inc. Required - Sales growth is 10 percent per year. - Gross profit margin is 65 percent. - Effective income tax rate is 29 percent. - Selling, marketing \& administrative expenses, research expenses, and other income and expenses net all vary as a function of sales. - Purchased in-process R\&D, and interest income remain constant at the 2015 level. - Interest expense is six percent of the beginning balance of long-term debt. - Long-term debt at the end of 2015 is $2,300 and increases by five percent each year. Instructions 1. Round answers to the nearest whole number. 2. Use rounded Sales figure for subsequent calculations. computations. Do not round until your final