1. Refer to the FY2016 income statement and balance sheet for General Mills, Inc. (GMI), along with the forecasted FY2017 income statement that you computed in the last exercise. Use that information and the following assumptions to forecast the GMI balance sheet for FY2017.

Unless noted in other assumptions, all assets and liabilities as a percentage of FY2017 sales remain unchanged.

Depreciation expense for FY2016 is $580.1 million.

FY2016 capital expenditure (CAPEX) is $729.3 million, and its land, buildings, and equipment in FY2015 total $3,783.3 million.

Goodwill remains unchanged.

The cash flow statement reports that amortization expense for each of the next 5 years is estimated to be $28 million.

Notes payable remains unchanged.

Long-term debt footnotes reveal that principal payments due on long-term debt in the next 5 years are: $1,103.4 million in FY2017, $604.7 million in FY2018, $1,150.4 million in FY2019, $1,056.0 million in FY2020, and $555.9 million in FY2021.

Stock repurchases will be $300 million in FY2017.

Dividends in FY2016 are $1,071.7 million and will not change in FY2017 as a percentage of net earnings attributable to GMI.

\begin{tabular}{|c|c|} \hline \begin{tabular}{l} GENERAL MILLS INC. \\ Consolidated Balance Sheet \end{tabular} & May 29, 2016 \\ \hline & \begin{tabular}{r} 3,937.2 \\ 3,743.6 \\ 8,741.2 \\ 4,538.6 \\ 751.7 \end{tabular} \\ \hline & $21,712.3 \\ \hline$ millions, except par value & May 29, 2016 \\ \hline & \begin{tabular}{r} $.2,046.5 \\ 1,103.4 \\ 269.8 \\ 1,595.0 \end{tabular} \\ \hline & \begin{tabular}{l} 5,014.7 \\ 7,057.7 \\ 1,399.6 \\ 2,087.6 \end{tabular} \\ \hline & \begin{tabular}{r} 15,559.6 \\ 845.6 \\ 75.5 \\ 1,177.0 \\ 12,616.5 \\ (6,326.6) \\ (2,612.2) \\ \end{tabular} \\ \hline & \begin{tabular}{r} 4,930.2 \\ 376.9 \\ \end{tabular} \\ \hline Total equity... & 5,307.1 \\ \hline Total liabilities and equily, ........ & $21,712.3 \\ \hline \begin{tabular}{l} GENERAL MILLS INC. \\ Consolidated Statements of Earnings \end{tabular} & \begin{tabular}{l} 12 Months Ended \\ May 29, 2016 \end{tabular} \\ \hline & \begin{tabular}{r} $16,563.1 \\ 10,733.6 \\ 3,118.9 \\ (148.2) \\ 151.4 \\ \end{tabular} \\ \hline & \begin{tabular}{r} 2,707.4 \\ 303.8 \end{tabular} \\ \hline & \begin{tabular}{r} 2,403.6 \\ 755.2 \\ 88.4 \end{tabular} \\ \hline & \begin{tabular}{r} 1,736.8 \\ 39.4 \end{tabular} \\ \hline Net eamings attributable to General Mills & $1,697.4 \\ \hline \end{tabular}