3 D F o 1 Actual 2020 2021 Projected 2022 2023 4,0% 4.0% 2 Income Statement in '000 S) 3 Operating Revenue growth rate Total Operating Revenues 2025 2024 3.8% Notes 4.25 3.4% 8,219 2,211 1,790 565 437 374 1.300 6,677 Increase at a yearly rate of Increase at a yearly rate of Increase at a yearly rate of Increase at a yearly rate of Increase at a yearly rate of Increase at a yearly rate of 3.0% 3.0% 3.09 4.8% 3.0% 5.0% Increase at a yearly rate of 5.0% Wages, benefits, payroll support, incenti 7 Aircraft fuel, incl. hedging gains losses & Aircraft maintenance/rent 9 Landing fees and other rentals 10 Depreciation/amortization 11 All other expenses 12 Total Operating Expenses 13 14 Operating Income 15 Total non-operating income (expense) 16 Income before taxes 17 In tax expense (benefit 18 Net Income 19 20 Cash and investments 21 Accounts receivable 22 Inventory and supplies, net 23 Other 24 Current Assets 25 Other 26 Total Assets 27 28 Bank Loan 29 Payables 30 CPLTD 31 Other 32 Current Liabilities 33 LTD 34 Equity 35 Total Liabilities & Equity 36 37 Working Capital 38 19 1.542 (475) 1,067 224 843 Balance Sheet 1,934 1,249 645 192 4,020 2,811 6,831 Increase at Operating Revenue growth rate Increase at Operating Revenue growth rate Plug to make balance sheet balance Increase at Operating Revenue growth rate 3,649 248 44 93 4,034 1,877 920 6,831 LTD of previous year minus CPLTD of current year Equity of previous year plus net income of current year 3,635 Exclude Bank Loan 3. You were given PAN's 2020 income statement (IS) and balance sheet (BS), along with forecasts of the revenue growth. Forecast the IS and BS for the next 5 years