Financing Deficit Garlington Technologies Inc.'s 2019 financial statements are shown below: Income Statement for December 31, 2019 Sales $4,000,000 Operating costs 3,200,000 EBIT $ 800,000 Interest 120,000 Pre-tax earnings $ 680,000 Taxes (25%) 170,000 Net income 510,000 Dividends $ 190,000 Balance Sheet as of December 31, 2019 Cash Receivables Inventories Total CA Fixed assets Total Assets $ 160,000 Accounts payable 360,000 Line of credit 720,000 Accruals $1,240,000 Total CL 4,000,000 Long-term bonds $5,240,000 Common stock RE Total L&E $360,000 0 200,000 $ 560,000 1,000,000 1,100,000 2,580,000 $5,240,000 Total L&E $5,240,000 Suppose that in 2020 sales increase to $4.6 million and that 2020 dividends will increase to $202,000. 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 9%. New financing will be with a line of credit. Assume it 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. Garlington Technologies Inc. Pro Forma Income Statement December 31, 2020 Sales 4600000 Operating costs 3680000 EBIT 920000 Interest 110000 Pre-tax earnings 810000 X Taxes (25%) 202500 X Net income 607500 Dividends: 200000 Addition to RE: 407500 Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2020 $ 184000 414000 828000 1426000 4600000 6026000 414000 294500 230000 928500 1000000 1100000 2987500 6026000 Cash Receivables Inventories Total current assets Fixed assets Total assets Accounts payable Line of credit Accruals Total current liabilities LT bonds Common stock Retained earnings Total L&E $ $ $