Forecast the Income Statement and Balance Sheet for 2019 and 2020. Some assumptions are provided for forecasting the line items and some are not. o provide support for each projection made

2019 Income Statement Sales Less Cost of Sales Gross Margin Less Selling & Admin EBIT Less Interest EBT Less Tax Expense Net Income 2018 2020 106146? 83663? 22483? 16788? 5695? 700? 4995? 1700? 3295? Assumptions Sales Growth Operating Costs Interest Rate Income Tax Rate Dividend Payout Ratio 12% % of Sales Expected to remain unchanged from 2018 rate Expected to remain unchanged from 2018 rate 0.7 Balance Sheet for Year Ending Balance Sheet Assets Cash Accounts Receivable Inventories Prepayments Total Current Assets (Post Plug) Property, Plant and Equipment Less Accumulated Depreciation Property, Plant and Equipment, Net Other Assets Total Assets Liabilities Accounts Payable Notes Payable Other Current Liabilities Total Current Liabilities Long Term Debt Other Noncurrent Liability Total Liabilities 2018 2019 20 883? 845? 15897? 368? 17993? 26339.6? 3435.6? 22904? 1287? 42184? 7628? 618? 2711? 10957? 12596? 1488? 25041? Common Stock Add Paid in Capital Retained Earnings Treasury Stock Total Liability and Shareholders' Equity 228? 547? 16368? 42184? Assumption Current Assets Property, Plant and Equipment Beginning Period Total Assets for 2018 Other Assets Current Liabilities Common Stock Add Paid in Capital Treasury Stock Depreciation Expense 2018 Shares Outstanding All numbers above are in mill % of Sales % of Beginning Period Total Assets 40000 % of Sales % of Sales Random Walk Random Walk Random Walk 1399 1000 ions