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 $ 360,000 Receivables Inventories Total CA Fixed assets $ 160,000 360,000 720,000 $1,240,000 4,000,000 $5,240,000 Accounts payable Line of credit Accruals Total CL Long-term bonds Common stock 200,000 $ 560,000 1,000,000 1,100,000 Total Assets RE 2,580,000 $5,240,000 Total L&E Suppose that in 2020 sales increase to $4.4 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 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 6 Sales 6 Operating costs EBIT 6 Interest 6 Pre-tax earnings 6 Taxes (25%) Net income 6 Dividends: Addition to RE: 69 Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2020 Cash 69 6 Receivables Inventories 6 Total current assets 6 Fixed assets 6 Total assets Accounts payable Line of credit Accruals 6 6 6 Total current liabilities 6 LT bonds 6 Common stock 6 Retained earnings Total 12