Cash Receivables Inventories $ 3.5 Accounts payable 26.0 Notes payable $ 9.0 18.0 58.0 Line of credit 0 Total current assets $87.5 Accruals 8.5 Net fixed assets 35.0 Total current liabilities $ 35.5 Mortgage loan 6.0 Common stock 15.0 Retained earnings 66.0 Total assets $122.5 Total liabilities and equity $122.5 Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2020 Cash Receivables $ 192,000 $ +A 432,000 Inventories $ 864,000 Total current assets $ 1,488,000 Fixed assets Total assets Accounts payable Line of credit Accruals Total current liabilities LT bonds Common stock Retained earnings Total L&E LA $ 4,800,000 LA $ 6,288,000 LA $ 432,000 IA $ +A $ 240,000 $ $ +A 1,000,000 $ 1,100,000 +A $ 3,035,000 $ Garlington Technologies Inc.'s 2019 financial statements are shown below: Income Statement for December 31, 2019 Sales Operating costs $4,000,000 3,200,000 EBIT Interest $ 800,000 120,000 Pre-tax earnings $ 680,000 Taxes (25%) Net income 170,000 510,000 Dividends $ 190,000 Balance Sheet as of December 31, 2019 Cash Receivables Inventories $ 160,000 Accounts payable $ 360,000 360,000 Line of credit 720,000 Accruals Long-term bonds 0 200,000 $ 560,000 Total CA $1,240,000 Total CL Fixed assets Total Assets 4,000,000 $5,240,000 Common stock RE Total L&E 1,000,000 1,100,000 2,580,000 $5,240,000 Suppose that in 2020 sales increase to $4.8 million and that 2020 dividends will increase to $190,000. Forecast the financial statements using the forecasted financial statement method. Assume the firm operated at full capacity in 2019. The long-term bonds have an interest rate of 10%. New financing will be with a line of credit. Assume t will be added at the end of the year. Cash does not earn any interest income. Enter your answers as positive values. Do not round intermediate calculations. Round your answers to the nearest dollar.