8:57 54 You Yesterday, 8:50 PM 1. Pro Forma Statements [LO1] Consider the following simplified financial statements for the Phillips Corporation (assuming no income taxes): Income Statement Sales $23,000 Assets Costs 16,700 Net income $ 6,300 Total Balance Sheet $15,800 Debt Equity $15,800 Total $ 5,200 10,600 $15,800 Phillips has predicted a sales increase of 15 percent. has predicted that every item on the balance sheet will increase by 15 percent as well. Create the pro forma statements and reconcile them. What is the plug variable here