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 $6,587 Cost of revenue 4,728 Product development 628 Marketing and administrative 287 Amortization of intangibles 15 Restructuring and other, net (14) Total operating expenses 5,644 Income from operations 943 Interest income 53 Interest expense (142) Other, net 16 Other expense, net (73) Income before income taxes 870 (Benefit) provision for income taxes (406) Net income $1,276 SEAGATE TECHNOLOGY PLC Consolidated Balance Sheet Consolidated Balance Sheet $ millions June 28, 2019 Current assets Cash and cash equivalents $1,407 Accounts receivable, net 627 Inventories 615 Other current assets 117 Total current assets 2,766 Property, equipment and leasehold improvements, net 1,185 Goodwill 784 Other intangible assets, net 70 Deferred income taxes 706 Other assets, net 121 Total assets $5,632 Current liabilities Accounts payable $900 Accrued employee compensation 107 Accrued warranty 58 Accrued expenses 350 Total current liabilities 1,415 Long-term accrued warranty 66 Long-term accrued income taxes . 3 Other noncurrent liabilities 82 Long-term debt, less current portion 2,696 Total liabilities 4,262 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 4,161 Accumulated other comprehensive loss (34) Accumulated deficit (2,757) Total shareholders' equity 1,370 Total liabilities and shareholders' equity $5,632 Forecast Seagate Technologys 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 Increase 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. Assumptions 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 Interest expense No change Other, net No change Income tax rate 21% SEGATE TECHNOLOGY PLC Consolidated Statement of Income $ millions June 2020 Revenue Answer 3,293.5 Cost of revenue Answer 0 Product development Answer 0 Marketing and administrative Answer 0 Amortization of intangibles Answer 15 Restructuring and other, net Answer 0 Total operating expenses Answer 0 Income from operations Answer 0 Interest income Answer 53 Interest expense Answer (142) Other, net Answer 16 Other expense, net Answer 0 Income before income taxes Answer 0 (Benefit) provision for income taxes Answer 0 Net income Answer 0 Forecast Seagate Technologys 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 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. Assumptions Accounts receivable, net 9.5% of revenue Inventories 9.3% of revenue Other current assets 1.8% of revenue Deferred income taxes 10.7% of revenue Other assets, net 1.8% of revenue Accounts payable 13.7% of revenue Accrued employee compensation 1.6% of revenue Accrued warranty 0.9% of revenue Accrued expenses 5.3% of revenue Long-term accrued warranty 1.0% of revenue Other noncurrent liabilities 1.3% of revenue Goodwill No change Long-term accrued income taxes No change Long-term debt, less current portion No change Ordinary Shares No change Accumulated other comprehensive loss No change CAPEX 5.8% of revenue Depreciation expense 5.4% of beginning Property, equipment and leasehold improvements, gross Beginning Property, equipment and leasehold improvements, gross $6,235 million Stock-based compensation $99 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 each year. Dividend payout ratio 35.4% SEAGATE TECHNOLOGY PLC Consolidated Balance Sheet Consolidated Balance Sheet $ millions June 2020 Current assets Cash and cash equivalents Answer 0 Accounts receivable, net Answer 0 Inventories Answer 0 Other current assets Answer 0 Total current assets Answer 0 Property, equipment and leasehold improvements, net Answer 0 Goodwill Answer 0 Other intangible assets, net Answer 0 Deferred income taxes Answer 0 Other assets, net Answer 0 Total assets Answer 0 Current liabilities Accounts payable Answer 0 Accrued employee compensation Answer 0 Accrued warranty Answer 0 Accrued expenses Answer 0 Total current liabilities Answer 0 Long-term accrued warranty Answer 0 Long-term accrued income taxes . Answer 0 Other noncurrent liabilities Answer 0 Long-term debt, less current portion Answer 0 Total liabilities Answer 0 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 Answer 0 Additional paid-in capital Answer 0 Accumulated other comprehensive loss Answer 0 Accumulated deficit Answer 0 Total shareholders' equity Answer 0 Total liabilities and shareholders' equity Answer 0