Information related to financial projections for the year 2020 is as follows: (1) Projected sales are $6,010,000. (2) Cost of goods sold in 2019 includes $992,000 in fixed costs. (3) Operating expense in 2019 includes $249,000 in fixed costs. (4) Interest expense will remain unchanged. (5) The firm will pay cash dividends amounting to 35% of net profits after taxes. (6) Cash and inventories will double. (7) Marketable securities, notes payable, long-term debt, and common stock will remain unchanged. (8) Accounts receivable, accounts payable, and other current liabilities will change in direct response to the change in sales. (9) A new computer system costing $358,000 will be purchased during the year. Total depreciation expense for the year will be $108,000. (10) The tax rate will remain at 40%. a. Prepare a pro forma income statement for the year ended December 31, 2020, using the fixed cost data given to improve the accuracy of the percent-of-sales method. b. Prepare a pro forma balance sheet as of December 31, 2020, using the information given and the judgmental approach. Include a reconciliation of the retained earnings account. c. Analyze these statements, and discuss the resulting external financing required. (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) (Click on the icon here . Prepare a pro forma income statement for the year ended December 31,2020 , using the fixed cost data given to improve the accuracy of the percent-of-sales method. Complete the pro forma income statement for the year ended December 31,2020 below: (Round to the nearest dollar.) income statement. The pro forma value is obtained by taking 19.8579% of the 2020 taxes. Complete the assets part of the pro forma balance sheet as of December 31,2020 : (Round to the nearest dollar.) Complete the liabilities and equity part of the pro forma balance sheet as of December 31,2020 : (Round to the nearest dollar.) c. Using the judgmental approach, the external funds requirement is S (Round to the nearest dollar.) Information related to financial projections for the year 2020 is as follows: (1) Projected sales are $6,010,000. (2) Cost of goods sold in 2019 includes $992,000 in fixed costs. (3) Operating expense in 2019 includes $249,000 in fixed costs. (4) Interest expense will remain unchanged. (5) The firm will pay cash dividends amounting to 35% of net profits after taxes. (6) Cash and inventories will double. (7) Marketable securities, notes payable, long-term debt, and common stock will remain unchanged. (8) Accounts receivable, accounts payable, and other current liabilities will change in direct response to the change in sales. (9) A new computer system costing $358,000 will be purchased during the year. Total depreciation expense for the year will be $108,000. (10) The tax rate will remain at 40%. a. Prepare a pro forma income statement for the year ended December 31, 2020, using the fixed cost data given to improve the accuracy of the percent-of-sales method. b. Prepare a pro forma balance sheet as of December 31, 2020, using the information given and the judgmental approach. Include a reconciliation of the retained earnings account. c. Analyze these statements, and discuss the resulting external financing required. (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) (Click on the icon here . Prepare a pro forma income statement for the year ended December 31,2020 , using the fixed cost data given to improve the accuracy of the percent-of-sales method. Complete the pro forma income statement for the year ended December 31,2020 below: (Round to the nearest dollar.) income statement. The pro forma value is obtained by taking 19.8579% of the 2020 taxes. Complete the assets part of the pro forma balance sheet as of December 31,2020 : (Round to the nearest dollar.) Complete the liabilities and equity part of the pro forma balance sheet as of December 31,2020 : (Round to the nearest dollar.) c. Using the judgmental approach, the external funds requirement is S (Round to the nearest dollar.)