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* Calculating Retained Earnings from Pro Forma Income Consider the following income statement for the...

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* Calculating Retained Earnings from Pro Forma Income Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs $24,000 13,500 Taxable income Taxes (34%) Net income $10,500 3,570 $ 6,930 Dividends Addition to retained earnings $2,426 4,504 A 20 percent growth rate in sales is projected. Prepare a pro forma income statement assuming costs vary with sales and the dividend payout ratio is constant. What is the projected addition to retained earnings

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