[35 points Over the Rainbow, Inc is planning for the next year. Using the most recent income statement and balance sheet for 2019 given below, and the additional information provided, prepare the company's 2020 pro forma income statement and balance sheet. Be sure to identify any external (additional funds needed or excess cash. Round your growth rate to two decimal places. Round all other answers to the nearest dollar (whole number without decimals. You are welcome to use Excel to do your calculations and paste your solutions into the answer space provided Important information Sales are projected to be $2.818 in 2020. Doprocation exponse for 2020 is 560. Ingros penso will be 506 in 2020. d The dividend paid in 2020 wll be 560 e A new fed asset costing $320 will be purchased in 2020 t No new stock will be issued Notes payable will remain the same The company will borrow an additional $50 (long-term debl) in 2020 Over the Rainbow, Inc. Income Statement For the Year Ended December 31, 2020 [in thousandal Actual Assumption UT 2020 Calculations Sales Revenue 3000 LOGG: CGS 1.380 Gross Pratt 1.070 Forecas 658 Operating Expenses prebon Operating From EBIT 46 3164 Logs: Interest Expono Nat Pront Before Taxes (EBT) 92 272 109 Les SUNT Net Prolt Alle Taxes IND 163 BO Logs: DMdonds To Retained Earnings 5913 Over the Rainbow, Inc. Balance Sheet As of December 31, 2020 in thousands Actual Forecasted 2019 220 Assumption Calculations Current As Cash & Marketablo Seouridos 38.5 Accounts Receivable Inventory Total Cument Assets 360 $25 $1,750 Property and Equipment Less: Accumulated Depreciation Nat Proporty, Plant & Equipment S20 20 280 Total Assets 52.010 Libes were quity Current LRT Accounts Payable 350 Notes Payable 160 Accruals 185 Total Current Liabilities $895 Longues 4:5 Toca Lines 156 125 Owner's Equity Preferred 57001 Common Slook, parave alia Padin Capital Red Limings Toal Owners EQUITY 415 1,050 Total Liabilities & Owner's Lquity 2010 [35 points Over the Rainbow, Inc is planning for the next year. Using the most recent income statement and balance sheet for 2019 given below, and the additional information provided, prepare the company's 2020 pro forma income statement and balance sheet. Be sure to identify any external (additional funds needed or excess cash. Round your growth rate to two decimal places. Round all other answers to the nearest dollar (whole number without decimals. You are welcome to use Excel to do your calculations and paste your solutions into the answer space provided Important information Sales are projected to be $2.818 in 2020. Doprocation exponse for 2020 is 560. Ingros penso will be 506 in 2020. d The dividend paid in 2020 wll be 560 e A new fed asset costing $320 will be purchased in 2020 t No new stock will be issued Notes payable will remain the same The company will borrow an additional $50 (long-term debl) in 2020 Over the Rainbow, Inc. Income Statement For the Year Ended December 31, 2020 [in thousandal Actual Assumption UT 2020 Calculations Sales Revenue 3000 LOGG: CGS 1.380 Gross Pratt 1.070 Forecas 658 Operating Expenses prebon Operating From EBIT 46 3164 Logs: Interest Expono Nat Pront Before Taxes (EBT) 92 272 109 Les SUNT Net Prolt Alle Taxes IND 163 BO Logs: DMdonds To Retained Earnings 5913 Over the Rainbow, Inc. Balance Sheet As of December 31, 2020 in thousands Actual Forecasted 2019 220 Assumption Calculations Current As Cash & Marketablo Seouridos 38.5 Accounts Receivable Inventory Total Cument Assets 360 $25 $1,750 Property and Equipment Less: Accumulated Depreciation Nat Proporty, Plant & Equipment S20 20 280 Total Assets 52.010 Libes were quity Current LRT Accounts Payable 350 Notes Payable 160 Accruals 185 Total Current Liabilities $895 Longues 4:5 Toca Lines 156 125 Owner's Equity Preferred 57001 Common Slook, parave alia Padin Capital Red Limings Toal Owners EQUITY 415 1,050 Total Liabilities & Owner's Lquity 2010