19:10 Percent of sales: Given the data for Cattail Corporation in Problem 19 9, if you assume that all balance sheet items also vary with the change in sales, develop a pro forma balance sheet for Cattaid for the next fiscal year. Assuming that the firm did not sel or repurchase stock, what is the cash dividend implied by the pro forma income statement and balance sheet? Percent of sales: Cattail Corporation's financial statements for the fiscal year just ended are shown below Cattail Corporation Financial Statements for the Fiscal Year Just Ended Income Statement Net Sales $ 1,500,000 Costs 350,000 Net Income $ 1,150,000 Assets $ 700.000 Balance Sheet Debt Equity Total 600.000 100.000 700,000 Total $ 700,000 Cattan management expects sales to increase by 14 percent next year. Assume that the financial statement accounts vary directly with changes in sales and the management has no financing plan at this time. Given this information, develop a pro forma income statement for Caltaid for the next fiscal year