Integrative Pro forma statements Red Queen Restaurants wishes to prepare financiall plans. Use the finacial statements and the other information provided here E (1) The firm has estimated that its sales for 2020 will be $900,400 (2) The firm expects to pay $34,900 in cash dividends in 2020. (3) The firm wishes to maintain a minimum cash balance of $30,600 (4) Accounts receivable represent approximately 21% of annual sales (5) The firm's ending inventory will change directly with changes in sales in 2020 (6) A new machine costing $44,000 will be purchased in 2020. Total depreciation for 2020 will be $15,300 (7) Accounts payable will change directly in response to changes in sales in 2020 (8) Taxes payable will equal one-lourth of the tax liability on the pro forma income staternent. (9 Marketable securities, other current liabilities, long-term debt, and common stock will remain unchanged a. Prepare a pro forma income statement for the year ended December 31, 2020, using the percent-of sales method b. Prepare a pro forma balance sheet dated December 31, 2020, using the udgmental approsch. c. Analyze these statements, and discuss the resulting external financing required to prepare the financiall plans. The following financial data are also available