1) 1) Based on historical information, you have developed the following information. Gross Profit Margin 0.40 SG&A /Sales 0.15 Depreciation/Net Fixed Assets 0.10 Interest Rate on Debt 0.04 Income Tax Rate 0.35 Cash/ Sales 0.07 Accounts Receivable / Sales 0.15 Inventory / Sales 0.20 Net Fixed Assets/ Sales 0.55 Accounts Payable / Sales 0.10 Bank Debt / Sales 0.18 Dividend Payout Ratio 0.15 Your sales forecast for 2021 is $650. Your balance sheet for 2020 (actual) is as follows: 2020 37 Cash Accounts Receivable Inventory Net Fixed Assets Total Assets 75 110 280 502 Accounts Payable Bank Debt Equity Total Liab, and Equity 53 87 362 502 Your income statement for 2020 (actual) is as follows: Sales Cost of Goods Sold Gross Profit Margin Sales, General and Admin. Expense Depreciation Expense Operating Profit Interest Expense Pretax Income Income Taxes Net Income 2019 500.0 289.7 210.3 72.8 28.0 109.5 3.5 106.0 37.1 68.9 Dividends Paid 10.4 Retained Earnings 58.5 a) Develop the first iteration of the forecasted income statement for 2021. b) Develop the first iteration of the forecasted balance sheet for 2021 Round to one decimal place