Check my work 3 nts eBook The following tables contain financial statements for Dynastatics Corporation. Although the company has not been growing, it now plans to expand and will increase net fixed assets (i.e., assets net of depreciation) by $200,000 per year for the next 5 years, and it forecasts that the ratio of revenues to total assets will remain at 1.50. Annual depreciation is 10% of net fixed assets at the beginning of the year. Fixed costs are expected to remain at $72 and variable costs at 80% of revenue. The company's policy is to pay out two-thirds of net income as dividends and to maintain a book debt ratio of 20% of total capital. INCOME STATEMENT, 2019 (Figures in $ thousands) Revenue $ 1,800 Fixed costs Variable costs (80% of revenue) 1,440 Depreciation Interest (8% of beginning-of-year debt) Taxable income Taxes (at 40%) Net income Dividends $ 73 Addition to retained earnings $ 37 72 Print 80 24 184 74 110 $ eferences 2019 BALANCE SHEET, YEAR-END (Figures in $ thousands) Assets Net working capital Fixed assets Total assets Liabilities and shareholders' equity Debt Equity Total liabilities and shareholders' equity $ 400 800 $ 1,200 $ 300 900 $ 1.200 Required: a1. Produce an income statement for 2020. Assume that net working capital will equal 50% of fixed assets. a2. Produce a balance sheet for 2020. Assume that net working capital will equal 50% of fixed assets. b. Now assume that the balancing item is debt and that no equity is to be issued. Prepare a completed pro forma balance sheet for 2020. c. Assume that the balancing item is debt and that no equity is to be issued, what is the projected debt ratio for 2020? Complete this question by entering your answers in the tabs below. Req A1 Req A2 ReqB Reqc Produce an income statement for 2020. Assume that net working capital will equal 50% of fixed ass positive values. Enter your answers in thousands.) Pro-Forma Income Statement 2020 Complete this question by entering your answers in the tabs below. Reg A1 Req A2 Req B Reqc Produce an balance sheet for 2020. Assume that net working capital will equal 50% of fixed assets thousands.) Balance Sheet Year-End 2020 Assets Het working capital Fixed assets otal assets Liabilities & Shareholders' Equity Debt Equity Total liabilities & shareholders' equity Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Reg B Reqc Now assume that the balancing item is debt and that no equity is to be issued. Prepare a completed for 2020. (Enter your answers in thousands.) Balance Sheet Year-End 2020 Assets Networking capital Fixed assets Total assets Liabilities & Shareholders' Equity Debt Equity Total liabilities & shareholders' equity Reg A1 Req A2 Reg B Reqc What is the projected debt ratio for 2020? (Round your answer to 3 decimal places.) Debt ratio