Following are the income statement and balance sheet of Seagate Technology for fiscal 2019. SEAGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019 ($ millions) Revenue $10,390 Cost of revenue 7,458 Product development 991 Marketing and administrative 453 Amortization of intangibles 23 Restructuring and other, net (22) Total operating expenses 8,903 Income from operations 1,487 Interest income 84 Interest expense 224 Other, net income 25 Other expense, net 115 Income before income taxes 1,372 (Benefit) provision for income taxes (640) Net income $ 2,012 $2,220 989 970 184 4,363 1,869 1,237 111 1,114 191 $8,885 $1,420 SEAGATE TECHNOLOGY PLC Consolidated Balance Sheet June 28, 2019 ($ millions) Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Property, equipment and leasehold improvements, net Goodwill Other intangible assets, net Deferred income taxes Other assets, net Total assets Current liabilities Accounts payable Accrued employee compensation Accrued warranty Accrued expenses Total current liabilities Long-term accrued warranty Long-term accrued income taxes. Other noncurrent liabilities Long-term debt, less current portion Total liabilities Shareholders' equity Ordinary shares, par value $0.0001, 2.6 billion shares authorized, 1,340,697,595 and 1,354,218,154 shares issued and outstanding, respectively Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total shareholders' equity Total liabilities and shareholders' equity 169 91 552 2,232 104 4 130 4,253 6,723 0 6,545 (34) (4,349) 2,162 $8,885 Forecast Seagate Technology's 2020 income statement using the following forecast assumptions, which are expressed as a percentage of revenue unless otherwise indicated. Revenue growth Cost of revenue Product development Marketing and administrative Restructuring and other, net Income tax expense (% pretax income) 596 71.896 9.596 4.496 $0 2196 Forecast no change in the following income statement accounts: Amortization of intangibles, Interest income, Interest expense, and Other, net income. Round all answers to the nearest whole number. Do not use negative signs with any of your answers in the income statement. SEAGATE TECHNOLOGY PLC Consolidated Statement of Income June 2020 10,910 7.833 1,036 480 23 0 ($ millions) For Year Ended Revenue Cost of revenue Product development Marketing and administrative Amortization of intangibles Restructuring and other, net Total operating expenses Income from operations Interest income Interest expense Other, net Other expense, net Income before income taxes Provision for income taxes Net income 9,372 1,538 84 224 25 115 1,423 299 $ 1,124 Forecast Seagate Technology's 2020 balance sheet using the following forecast assumptions, which are expressed as a percentage of revenue unless otherwise indicated. Accounts receivable, net 9.596 Inventories 9.396 Other current assets 1.896 Deferred income taxes 10.796 Other assets, net 1.896 Accounts payable 13.796 Accrued employee compensation 1.696 Accrued warranty 0.996 Accrued expenses 5.396 Long-term accrued warranty 1.096 Other noncurrent liabilities 1.39 Forecast no change in the following balance sheet accounts: Goodwill, Long-term accrued income taxes, Long-term debt, less current portion, Ordinary shares, and Accumulated other comprehensive loss. Assume that in 2020, CAPEX will be 5.8% of revenue, and depreciation expense will be 5.4% of Property, equipment and leasehold improvements, gross at the start of the year, which was $9,835 million. Assume that in 2020, the company awards $99 million of stock-based compensation which increases Additional paid-in capital by the same amount. Assume that the company routinely includes this form of compensation in operating expenses each year. The company has a dividend payout ratio of 35.4% of net income. Round all answers to the nearest whole number. Use a negative sign for your Accumulated other comprehensive loss and Accumulated deficit answers. SEAGATE TECHNOLOGY PLC Forecasted Balance Sheet June 2020 $ $ 0 X OX 0X OX OX OX 0 x OX $ OX $ $ 0X OX ($ millions) Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Property, equipment and leasehold improvements, net Goodwill Other intangible assets, net Deferred income taxes Other assets, net Total assets Current liabilities Accounts payable Accrued employee compensation Accrued warranty Accrued expenses Total current liabilities Long-term accrued warranty Long-term accrued income taxes. Other noncurrent liabilities Long-term debt, less current portion Total liabilities Shareholders' equity Ordinary shares, par value $0.0001, 2.6 billion shares authorized, 1,340,697,595 and 1,354,218,154 shares issued and outstanding, respectively Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total shareholders' equity Total liabilities and shareholders' equity OX 0 X 0x 0X OX 0 X 0 X OX 0 0x 0 x 0 X 0 X $ 0 X