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Pro-forma year ending 12/31/2020 Assumptions Sales growth of 15% Cogs up 10% Income Statement - Widget Manufacturing Co. Inc Year Ended 12/31/2019 Sales $ 7,000,000 Cost of Goods Sold 2,750,000 Gross Profit 4,250,000 Operating Expenses Salaries 800,000 Utilities 400,000 Commissions 700,000 Rent of office space 500,000 Rental of equipment 50,000 Total Operating Expenses 2,450,000 Operating Income (EBIT) 1,800,000 Interest Expense 40,000 Pretax income 1,760,000 Income Tax Expense 528,000 Net Income $ 1,232,000 Shares outstanding 500,000 Increase in salaries on July 1 of 4% Increase of 3% for full year commission rate unchanged Annual rents up $25,000 for the year no change no change in debt or interest rates Same tax rate for 2020 as 2019 no change in share count What is the projected pretax income for the year ending 12/31/2020? Select one: o a. 2024000 O b. 2250000 c. None of these d. 2377000 O e. 2361000