Financing Deficit Garlington Technologies Inc.'s 2021 financial statements are shown below: Income Statement for December 31, 2021 Sales Operating costs EBIT $ 800,000 120,000 $ 680,000 170,000 510,000 Dividends $ 190,000 Balance Sheet as of December 31, 2021 Cash Interest Pre-tax earnings Taxes (25%) Net Income Receivables Inventories $4,000,000 3,200,000 Total CA Fixed assets Total Assets Eater $ 160,000 Accounts payable Line of credit 360,000 720,000 Accruals 200,000 $1,240,000 Total CL $ 560,000 4,000,000 Long-term bonds 1,000,000 $5,240,000 Common stock 1,100,000 RE 2,580,000 Total LAE $5,240,000 Suppose that in 2022 sales increase to $4.4 million and that 2022 dividends will increase to $188,000. 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 14%. 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. $360,000 Garlington Technologies Inc. Pro Forma Income Statement December 31, 2022 0 Sales Operating costs EBIT Garlington Technologies Inc. Pro Forma Income Statement December 31, 2022 Interest Pre-tax earnings Taxes (25%) Net income Dividends: Addition to RE: Cash Receivables. Inventories Accruals Total current assets Fixed assets Total assets Accounts payable Line of credit MA in $ $ $ $ $ Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2022 $ S $ S $ $ S 50 S Dividends: Addition to RE: Cash Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2022 $ $ $ 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 SA S $ $ $ $ $ $ S SA S $ $