Garlington Technology Inc.s 2021 financial statements are shown here. Forecast the financial statements using the forecasted financial statement method. Suppose that in 2022 sales increase by 12% over 2021 sales. 2022 dividends will increase to $120,000. Operating costs will be at their 2022 percentage of sales. Assume the firm operated at full capacity in 2021. Use an interest rate of 15% and assume Interest expense is calculated based Cash does not earn any interest income. Cash does not earn any interest income. Assume that the all new debt will be in the form of a line of credit. Competition is intensifying, which will force Garlington Technology Inc. to change some of its working capital policies. The average accounts receivable collection period will be increased to 50 days. Inventory Days will be increased to 60 days. Accounts payable days will be decreased to 30 days. What is your forecast for the line of credit balance at year-end 2022? Income statement 2021 Sales $3,600,000 Operating costs 3,279,720 EBIT $320,280 Less Interest 18,280 Earnings before taxes $302,000 Taxes (21%) 63,420 Net income for common $238,580 Dividends $108,000 Addition to retained earnings $130,580 Balance Sheet Assets 2021 Cash $180,000 Accounts receivable 360,000 Inventories 720,000 Total current assets $1,260,000 Net plant and equipment 1,440,000 Total assets $2,700,000 Liabilities and equity Accounts payable $360,000 Notes payable 156,000 Line of credit - Accruals 180,000 Total current liabilities $696,000 Common stock 1,800,000 Retained earnings 204,000 Total liabilities and equity $2,700,000