Garlington Technologies' 2019 income statement is shown in the Excel file posted to the "Content" link at our course Web site, under the "Chapter Nine" heading."Notes Payable" of $156 (amount in thousands) appears on Garlington's 2019 balance sheet.Garlington's management has made the following projections and assumptions for 2020:

1)2020 sales are projected to increase by 10% over their 2019 level.

2)2020 dividends will increase to $112 (amount in thousands).

3)An interest rate of 8 percent applies in 2020 to the debt balance ("Notes Payable" at the beginning of the year).

Construct the projected 2020 income statement using the "forecasted financial statement" (FFS) method.Assume the firm operated at full capacity in 2019.