15. (Percentage of sales-full projection) A company published the following financial statements in its 2019 annual report: Income Statement For the year ended December 31, 2019 Sales $ 70,000 - Cost of goods sold 45,000 Gross profit 25,000 Operating expenses $ 8,000 - Depreciation 5,000 13,000 EBIT 12,000 - Interest expense 1,300 EBT 10,700 Tax expense 2,247 EAT $ 8,453 - Dividends 3,000 Addition to retained earnings $ 5,453 Balance Sheet December 31, 2019 Cash $ 8,000 Marketable securities 2,000 Accounts receivable 10,000 Inventories 6,000 Plant, net 20,000 Total assets $ 46,000 Accounts payable $ 7,000 Accrued payables 3,000 Bonds payable 10,000 Common stock 15,000 Retained earnings 11,000 Total liabilities and equity $ 46,000 Sales in 2020 are estimated to be $80,000. Forecast the 2020 income statement, balance sheet, and statement of cash flow assuming: (1) cost of goods sold and $5,000 of the operating expenses are variable; (2) de- preciation and the remainder of operating expenses are fixed; (3) cash, accounts receivable, inventories, net plant, accounts payable, and accrued payables are spontaneous; (4) marketable securities, bonds payable, and common stock are discretionary: (5) $2,500 of bonds payable are current and will be re- paid at the beginning of the year; and (6) the firm will maintain its 2019 dividend payout ratio in year 2020