Based on that projection, develop a pro forma balance sheet and an income statement for the 2012 fiscal year. Problem 19.35 The financial statements for the year ended June 30, 2011, are given below for Morgan Construction Company. The firm's sales are projected to grow at a rate of 32percent next year, and financial statement accounts will vary directly with sales. Assets: Cash Morgan Construction Company Balance Sheet for Year Ended June 30, 2011 Liabilities and Stockholders' Equity $3,349,239 Accounts payable $9,041,679 4,857,496 Accounts receivables 5,830,754 Notes payable Inventories 22,267,674 Total current assets $31,447,667 Total current liabilities $13,899,175 29.731,405 Net fixed assets 43,362,482 Long-term debt 1,748,906 common stock Other assets 19,987,500 12,940,974 Retained earnings Total assets $76,559,055 Total liabilities & equity $76,559,055 Morgan Construction Company Income Statement Year Ended June 30, 2011 Revenues $193,212,500 145,265,625 Costs EBITDA $47,946,875 23,318,750 Depreciation EBIT $24,628,125 11,935,869 Interest EBT $12,692,256 4,442,290 Taxes (35%) Net income $8,249,966