Using common-size financial statements)The S&H Construction Company expects to have total sales next year totaling $15,200,000. In addition, the firm pays taxes at 35 percent and will owe $320,000 in interest expense. Based on last year's operations the firm's management predicts that its cost of goods sold will be 57 percent of sales and operating expenses will total 32 percent. What is your estimate of the firm's net income (after taxes) for the coming year?

Complete the pro-forma income statement below: (Round to the nearest dollar.)

Pro Forma Income Statement:

Sales $____________

Cost of Goods Sold $______________

Gross Profit $________________

Operating Expenses $______________

Net operating income $______________

Interest Expense $________________

Earnings before taxes $_____________

Taxes $___________________

Net Income $______________