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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Cost $47,000 31,300 Taxable income Taxes (35%) $15,700 5,495

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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Cost $47,000 31,300 Taxable income Taxes (35%) $15,700 5,495 Net income $10,205 Dividends Addition to retained earnings $ 2,500 7,705 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners' Equity Current assets Current liabilities $ 2,950 Accounts payable S 2,400 Cash Accounts receivable 5,400 S 7,800 28,000 Common stock and paid-in surplus 15,000 4,100 Notes payable 6,400 Total Total S 13,450 Long-term debt Owners' equity Fixed assets Net plant and equipment 41,300 Retained earnings 3,950 18,950 54,750 Total liabilities and owners' equity 54,750 Total Total assets Prepare a pro forma balance sheet, assuming a 15 percent increase in sales, no new external debt or equity financing, and a constant payout ratio. (Round your answers to 2 decimal places. (e.g., 32.16))

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