3. Forecasting of Income Statement and Balance Sheet. Fill in the 2021E (stands for 2021 forecast) numbers in Tables 1 and 2 below. Provide your detailed calculations. Use 2 decimal places for Smillion, for example $1.23million. (30 points) Table 1. FORECAST OF THE 2021 INCOME STATEMENT Forecastratios Percent Revenue growth Costs of goods sold/revenues Selling, general and admin/revenues Depreciation/revenue EBIT/revenue Nonoperating items Nonoperating income growth Interest rates Interest expense Interest income (fromexcess cash) Income statement 2021E S Million 20.0 Revenue 32.0 cost of goods sold 18.0 Selling, general and admin Depreciation 10.0 EBIT 40.0 Interest expense Interest income Non operating income 10.0 Earnings before taxes (EBT) Taxes on EBT 5.5 Net income 6.5 2020 2021E 240.0 (90.0) (45.0) (19.0) 86.0 (23.0) 5.0 4.0 72.0 (24.0) (36.50) 48.0 Taxes Operating tax rate Marginal tax rate Average tax rate 34.4 40.0 33.6 Table 2. FORECAST OF THE 2021 BALANCE SHEET 2021E 2021E 8.6 52.6 (28.2) 33.0 2020 5.0 60.0 45.0 110.0 Forecast worksheet Forecast ratio Cash (in days) Inventory (in days) Accounts payable (in days) Net working capital in days) Fixed assets (percent) Net PP&E/revenues Nonoperating assets (percent) Growth in equity investments Dividend Payout Ratio 102.6 250.0 100.0 460.0 Balance sheet 5 Million Cash Excess cash Inventory Current assets Net PPSE Equity investments Total assets Liabilities and equity Accounts payable Short-term debt Current liabilities Long-term debt Newly issued debt Common stock Retained earnings Total liabilities and equity 3.0 38.0% 20.0 213.0 233.0 2130 80.0 80.0 0.0 65.0 65.0 82.0 460.0