2 Percentage of sales full projection) A company ulished the following financial statements in its For the year ended December 31, 2019 $ 70,000 45,000 25,000 $ 8,000 annual report Income Statement Sales Cost of goods sold Gross profit Operating expenses - Depreciation 5,000 EBIT - Interest expense EBT - Tax expenso EAT Dividends Cash 13,000 12.000 1,300 10,700 2.247 $ 8.453 3,000 $ 5,453 Addition to retained earnings Balance Sheet December 31, 2019 $ 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