Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statement and balance sheet of Seagate Technology for fiscal 2019. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions Revenue $10,390 Cost of revenue 7458 Product development 991 Marketing and administrative 453 Amortization of intangibles 23 Restructuring and other, net (22) Total operating expenses 8,903 Income from operations 1,487 Interest income 84 Interest expense (224) Other, net 25 Other expense, net (115) Income before income taxes 1,372 (Benefit) provision for income taxes (640) Net income $2,012 SEAGATE TECHNOLOGY PLC Consolidated Balance Sheet Consolidated Balance Sheet AL Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Property, equipment and leasehold improvements, net Goodwill Other intangible assets, net Deferred income taxes Other assets, net Total assets Current liabilities Accounts payable Accrued employee compensation Accrued warranty Accrued expenses Total current liabilities Long-term accrued warranty Long-term accrued income taxes . Other noncurrent liabilities Ic;;g;c;rh_debt_less current portion Total liabilities $2,220 589 870 184 4,363 1,869 1,237 1 1,114 191 $8,885 $1,420 169 552 2,232 104 130 4,253 6,723 Long-term debt, less current portion 4253 Total liabilities 6,723 Shareholders' equity Ordinary shares par value $0.0001, 2.6 billion shares authorized, 1,340,697,595 and 1,354,218,154 shares issued and outstanding, respectively 0 Additional paid-in capital 6,545 Accumulated other comprehensive loss (34) Accumulated deficit (4,349) Total shareholders' equity 2,162 Total liabilities and shareholders' equity $8,885 Forecast Seagate Technology's 2020 income statement using the following forecast assumptions, which are expressed as a percentage of revenue unless otherwise indicated. Note: Complete the entire question in Excel (template provided above). Using Excel, format each answer to two decimal places. Use crease Decimal or Decrease Decimal'to adjust decimal places. Do not round answers. Then enter the answers into the provided spaces below with _two decimal places_. Note: Use negative signs with answers, when appropriate. Revenue growth 5% growth Cost of revenue 71.8% of revenue Product development 9.5% of revenue Marketing and administrative 4.4% of revenue Amortization of intangibles No change Restructuring and other, net $0 million Interest income No change Ir t expense No change Other, net No change Income tax rate 21% SEGATE TECHNOLOGY PLC Consolidated Statement of Income LI June 2020 Revenue $ 10910 v Cost of revenue 7833 v Product development 1,036 Marketing and administrative 480 Amortization of intangibles v Restructuring and other, net 0w Total operating expenses 9372 v Income from operations 1,538 v Interest income 84 v Interest expense (224) v Other, net 25 v Other expense, net (115) v Income before income taxes 1423 v (Benefit) provision for income taxes 299 v Net income $ 1,124 v Forecast Seagate Technology's 2020 balance sheet using the following forecast assumptions, which are expressed as a percentage of revenue unless otherwise indicated. Note: Complete the entire question in Excel (template provided above). Using Excel, format each answer to two decimal places. Use Increase Decimal or Decrease Decimalto adjust decimal places. Do not round answers. Then enter the answers into the provided spaces below with _two decimal places_. Note: Use negative signs with answers, when appropriate. Accounts receivable, net 9.5% Inventaries 9.3% Other current assets 1.8% Deferred income taxes 10.7% Other assets, net 1.8% Accounts payable 13.7% Accrued employee compensation 1.6% Accrued warranty 0.9% Accrued expenses 5.3% Long-term accrued warranty 1.0% Other noncurrent liabilities 1.3% Goodwill Long-term accrued income taxes Long-term debt, less current portion Ordinary Shares Accumulated other comprehensive loss CAPEX 5.8% Depreciation expense 5.4% Beginning Property, equipment and leasehold improvements, gross $9,835 Stock-based compensation $99 Dividend payout ratio 35.4% of revenue of revenue of revenue of revenue of revenue of revenue of revenue of revenue of revenue of revenue of revenue No change No change No change No change No change of revenue of beginning Property, equipment and leasehold improvements, gross million million, increases Capital in excess of par value by the same amount. Assume that the company routinely includes this form of compensation in operating expenses e & o N b SEAGATE TECHNOLOGY PLC Consolidated Balance Sheet Consolidated Balance Sheet $ millions Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Property, equipment and leasehold improvements, net Goodwill Other intangible assets, net Deferred income taxes Other assets, net Total assets Current liabilities Accounts payable Accrued employee compensation Accrued warranty Accrued expenses Total current liabilities Long-term accrued warranty Long-term accrued income taxes . Other noncurrent liabilities Total liabilities Shareholders' equity June 2020 2,220 1,036 1,015 196 5182 1,971 1,237 88 1,167 196 9,841 L8 88 4% (X4 4 x I w & LS L[ K Long-term accrued warranty 109 V Long-term accrued income taxes . 4 V Other noncurrent liabilities 142 V Long-term debt, less current portion 4,253 Total liabilities 6,854 V Shareholders' equity Ordinary shares- par value $0.0001, 2.6 billion shares authorized, 1,340,697,595 and 1,354,218,154 shares issued and outstanding, respectively 0 Additional paid-in capital 6,644 v Accumulated other comprehensive loss (34) V Accumulated deficit (3,623) V Total shareholders' equity 2,987 Total liabilities and shareholders' equity $ 9,841 Check