Financing Deficit Garlington Technologies Inc.'s 2021 financial statements are shown below: Income Statement for December 31, 2021 Sales $4,000,000 Operating costs 3,200,000 EBIT $ 800,000 Interest 120,000 Pre-tax earnings $ 680,000 Taxes (25%) 170,000 510,000 Net income Dividends $ 190,000 Balance Sheet as of December 31, 2021 Cash Accounts payable $ 360,000 Receivables Line of credit 0 Inventories $ 160,000 360,000 720,000 $1,240,000 4,000,000 Accruals 200,000 Total CA Total CL $ 560,000 Fixed assets Long-term bonds 1,000,000 Total Assets $5,240,000 Common stock 1,100,000 RE 2,580,000 Total L&E $5,240,000 Suppose that in 2022 sales increase to $4.6 million and that 2022 dividends will increase to $116,000. Forecast the financial statements using the forecasted financial statement method. Assume the firm operated at full capacity in 2021. The long-term bonds have an interest rate of 12%. 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 vour answers to the nearest dollar. Garlington Technologies Inc. Pro Forma Income Statement December 31, 2022 $ Sales $ Operating costs $ EBIT Interest $ Pre-tax earnings $ $ Taxes (25%) $ Net income $ Dividends: $ Addition to RE: Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2022 $ Cash $ Receivables Inventories $ Total current assets $ $ Fixed assets Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2022 $ 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 Check My Work (1 remaining)