Current Financial Statements (in millions of 5) Income Statement Sales 1,000 Costs 800 Taxable income 200 Taxes (34%) (68) 1 Net income 132 Dividend 44 Earnings retained 88 Balance Sheet Cash 160 A/R 440 Inventory 600 CA. 1,200 NFA 1,800 Total Assists 3000 A/P 300 N/P 100 C.L. 400 LTD 800 C/S 800 R/E 1,000 Total L/E 3000 Sales are expected to increase by 34%, Assumptions concerning the income statement: Costs are a constant fraction of sales, The tax rate is not expected to change. Dividend payout ratio will remain constant. . You are required to prepare Pro Forma Financial Statements. Attach Excel sheet with the problem solution