Income Statement Balance Sheet $ Sales Assets Debt $6,500 Costs 46,500 38,780 20,500 Equity 14,000 $ $ Net income $ 7,720 Total Total 20,500 20,500 The company has predicted a sales increase of 14 percent. Assume the company pays out half of net income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not. Prepare the pro forma statements. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Pro forma income statement Sales Costs Net income $ Answer is complete but not entirely correct. Pro forma balance sheet 53,010 Assets 44,209 8,801 Total Assets $ 23,370 Debt Equity 23,370 Total Debt and Equity $ 6,500 44,471 x 23,370 X