Find the average growth in sales over the three-year period. Using the most recent year as the base year prepare a one-year pro forma income statement and balance sheet for your selected firm assuming that sales will grow based on the average sales growth rate calculated. Determine the external financing needed

12/31/2019 152,186,000 12/31/2018 123,382,000 131,201,000 20,985,000 106,452,000 16,930,000 74,943,000 IBM BALANCE SHEET Balance Sheet All numbers in thousands Breakdown 12/31/2020 > Total Assets 155,971,000 > Total Liabilities Net Mi... 135,245,000 > Total Equity Gross Min... 20,726,000 Total Capitalization 74,952,000 Common Stock Equity 20,597,000 Capital Lease Obligations 4,931,000 Net Tangible Assets -52,815,000 Working Capital -704,000 Invested Capital 82,135,000 Tangible Book Value -52,815,000 Total Debt 66,469,000 52,401,000 16,796,000 20,841,000 5,259,000 -52,617,000 719,000 -22,557,000 10,919,000 62,608,000 83,740,000 -22,557,000 -52,617,000 68,158,000 45,812,000 48,326,000 54,727,000 34,433,000 2,242,969 2,237,997 2,233,427 Net Debt Share Issued Ordinary Shares Number Treasury Shares Number 892,653 887,110 892,479 1,350,316 1,350,887 1,340,948 IBM Income Statement Income Statement All numbers in thousands VEXF Breakdown TTM 12/31/2020 12/31/2019 12/31/2018 > Total Revenue 73,780,000 73,621,000 77,147,000 79,590,000 Cost of Revenue 37,922,000 38,046,000 40,659,000 42,655,000 Gross Profit 35,857,000 35.575,000 36,488,000 36,936,000 > Operating Expense 27,875,000 28,680,000 25,857,000 23,651,000 Operating Income 7,982,000 6,895,000 10,631,000 13,285,000 > Net Non Operating Int... -1,174,000 -1,183,000 -995,000 -459,000 > Other Income Expense -1,215,000 -1,074,000 529,000 -1,482,000 Pretax Income 5,591,000 4,637,000 10,166,000 11,342,000 Tax Provision 311,000 -864,000 731,000 2,619,000 > Net Income Common... 5,370,000 5,590,000 9,431,000 8,728,000 Average Dilution Earnings 0 -2,000 0 -6,000 Diluted NI Available to C... 5,370,000 5,588,000 9,431,000 8,722,000 Basic EPS 6.28 10.63 9.57 Diluted EPS 6.23 10.56 9.52 Basic Average Shares 890,300 887,200 912,000 Diluted Average Shares 896,600 892,800 916,300 Total Expenses 65,797,000 66,726,000 66,516,000 66,306,000 Net Income from Contin.. 5,370,000 5,590,000 9,431,000 8,728,000 Normalized Income 5,446,266 5,574,000 9,242,904 8,702,237 Interest Income 68,000 105,000 349,000 264,000 Interest Expense 1,242,000 1,288,000 1,344,000 723,000 Net Interest Income -1,174,000 -1,183,000 -995,000 - 459,000 EBIT 6,833,000 5,925,000 11,510,000 12,065,000 EBITDA 13,566,000 Reconciled Cost of Reve... 32,305,000 32,474,000 35.362,000 38,610,000 Reconciled Depreciation 6,733,000 6,695,000 6,059,000 4,480,000 Net Income from Contin.. 5,281,000 5,501,000 9,435,000 8,723,000 Total Unusual Items Excl... -175,000 -100,000 207,000 27,000 Total Unusual Items -175,000 -100,000 207,000 27,000 Normalized EBITDA 13,741,000 12,720,000 17,362,000 16,518,000 Tax Rate for Calcs 0 0 0 0 Tax Effect of Unusual Ite... -9,734 -27,000 14,904 6,237 12/31/2019 152,186,000 12/31/2018 123,382,000 131,201,000 20,985,000 106,452,000 16,930,000 74,943,000 IBM BALANCE SHEET Balance Sheet All numbers in thousands Breakdown 12/31/2020 > Total Assets 155,971,000 > Total Liabilities Net Mi... 135,245,000 > Total Equity Gross Min... 20,726,000 Total Capitalization 74,952,000 Common Stock Equity 20,597,000 Capital Lease Obligations 4,931,000 Net Tangible Assets -52,815,000 Working Capital -704,000 Invested Capital 82,135,000 Tangible Book Value -52,815,000 Total Debt 66,469,000 52,401,000 16,796,000 20,841,000 5,259,000 -52,617,000 719,000 -22,557,000 10,919,000 62,608,000 83,740,000 -22,557,000 -52,617,000 68,158,000 45,812,000 48,326,000 54,727,000 34,433,000 2,242,969 2,237,997 2,233,427 Net Debt Share Issued Ordinary Shares Number Treasury Shares Number 892,653 887,110 892,479 1,350,316 1,350,887 1,340,948 IBM Income Statement Income Statement All numbers in thousands VEXF Breakdown TTM 12/31/2020 12/31/2019 12/31/2018 > Total Revenue 73,780,000 73,621,000 77,147,000 79,590,000 Cost of Revenue 37,922,000 38,046,000 40,659,000 42,655,000 Gross Profit 35,857,000 35.575,000 36,488,000 36,936,000 > Operating Expense 27,875,000 28,680,000 25,857,000 23,651,000 Operating Income 7,982,000 6,895,000 10,631,000 13,285,000 > Net Non Operating Int... -1,174,000 -1,183,000 -995,000 -459,000 > Other Income Expense -1,215,000 -1,074,000 529,000 -1,482,000 Pretax Income 5,591,000 4,637,000 10,166,000 11,342,000 Tax Provision 311,000 -864,000 731,000 2,619,000 > Net Income Common... 5,370,000 5,590,000 9,431,000 8,728,000 Average Dilution Earnings 0 -2,000 0 -6,000 Diluted NI Available to C... 5,370,000 5,588,000 9,431,000 8,722,000 Basic EPS 6.28 10.63 9.57 Diluted EPS 6.23 10.56 9.52 Basic Average Shares 890,300 887,200 912,000 Diluted Average Shares 896,600 892,800 916,300 Total Expenses 65,797,000 66,726,000 66,516,000 66,306,000 Net Income from Contin.. 5,370,000 5,590,000 9,431,000 8,728,000 Normalized Income 5,446,266 5,574,000 9,242,904 8,702,237 Interest Income 68,000 105,000 349,000 264,000 Interest Expense 1,242,000 1,288,000 1,344,000 723,000 Net Interest Income -1,174,000 -1,183,000 -995,000 - 459,000 EBIT 6,833,000 5,925,000 11,510,000 12,065,000 EBITDA 13,566,000 Reconciled Cost of Reve... 32,305,000 32,474,000 35.362,000 38,610,000 Reconciled Depreciation 6,733,000 6,695,000 6,059,000 4,480,000 Net Income from Contin.. 5,281,000 5,501,000 9,435,000 8,723,000 Total Unusual Items Excl... -175,000 -100,000 207,000 27,000 Total Unusual Items -175,000 -100,000 207,000 27,000 Normalized EBITDA 13,741,000 12,720,000 17,362,000 16,518,000 Tax Rate for Calcs 0 0 0 0 Tax Effect of Unusual Ite... -9,734 -27,000 14,904 6,237