Garlington Technologies Inc, 2019 financial statement are shown below: Income statement for December 31, 2019. Sale $ 4,000,000 operating costs 3,200,000

EBIT. 800,000 interest. 120,000

pre- tax earnings $ 680,000 Taxes (25%) 170,000 Net income. 510,000 Dividends. $ 190,000

Balance sheet as of December 31,2019 cash. ,$ 160,000 Receivables 360,000 inventories 720,000 Total, CA. 1,240,000 Fixed assets 4,000,000 Total Assets $ 5,240,000 Account payable $ 360,000 line of credit. 0 Accruals. 200,000 Total CL. 560,000 long- term bonds, 1,000,000 common stock. 1,100,000 RE. 2,580,000 Total L&E. $ 5,240,000 suppose that in 2020 sales increase to $ 4.2 million and that 2020 dividends will increase to $ 192,000. Forecast the financial statement using the Forecasted financial statement method. Assume the firm operated at full capacity in 2019. The long term bonds have an interest rate of 11%. 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 answer to the nearest dollar. Garlington Technologies Inc. Pro Forma Income statement, December 31,2020 Sales. $ operating costs $ EBIT. $ interest. $ pre- tax earnings $ Taxes ( 25%) $ Net income. $ Dividends. $ Additional to RE:

Garlington Technologies Inc pro forma Balance sheet December 31,2020 Cash. $ 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.$