Garlington Technologies Inc.'s 2019 financial statements are shown here. Suppose that in 2020 sales increase to $4.4 million and that 2020 dividends will increase to $200,000, Forecast the financial statements using the forecasted financial statement method. As. sume the firm operated at full capacity in 2019. The long-term bonds have an interest rate of 12%. 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. Income Statement for December 31, 2019 Sales $4,000,000 3,200,000 Operating costs EBIT $ 800,000 Interest 120,000 Pre-tax earnings $ 680,000 Taxes (25%) 170,000 Net income $ 510,000 Dividends $ 190,000 Balance Sheets as of December 31, 2019 Cash $ 160,000 Accounts payable Receivables 360,000 Line of credit Inventories 720,000 Accruals Total CA $1,240,000 Total CL Fixed assets 4,000,000 Long-term bonds Common stock RE $5,240,000 Total L&E $ 360,000 0 200,000 $ 560,000 $1,000,000 $1,100,000 $2,580,000 $5,240,000 Total assets