The financial statements for the year ended June 30, 2017, are given below for Morgan Construction Company. The firm’s sales are projected to grow at a rate of 25 percent next year, and all financial statement accounts will vary directly with sales. Based on that projection, develop a pro forma balance sheet and an income statement for the 2018 fiscal year.

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Morgan Construction Company Balance Sheet as of June 30, 2017 Liabilities and Stockholders' Assets: Equity: $ 3,349,239 Accounts payable $ 9,041,679 5,830,754 Notes payable Cash Accounts 4,857,496 receivable 22,267,674 Total current Inventories $13,899,175 liabilities $31,447,667 Long-term debt Total current 29,731,406 assets Net fixed assets 43,362,482 Common stock 19,987,500 Other assets 1,748,906 Retained earnings 12,940,974 Total assets $76,559,055 Total liabilities $76,559,055 and equity Morgan Construction Company Income Statement for the Fiscal Year Ended June 30, 2017 Net sales $193,212,500 Costs 45,265,625 $ 47,946,875 EBITDA Depreciation 23,318,750 $ 24,628,125 11,935,869 $ 12,692,256 EBIT Interest EBT Taxes (35%) 4,442,290 $ 8,249,966 Net income