New Country LLC is forecasting its financial statements. Sales are expected to be $2.2billion in year 2015. The firms operating costs (include cost of goods sold and the other operating costs) will grow at the same pace with sales. All assets and accounts payables and accruals will grow at the same pace with sales. 40% of net income will be paid as dividend. Tax rate is 40%. Given its current financial statements below, help New Country LLC to construct its Pro Forma income statement and Pro Forma Balance Sheet. Please show calculations.

2014 Balance Sheet (Millions of $)

Cash 20.00 Accounts payables 70.00 Accounts receivable 240.00 Notes payables 100.00 Inventories 240.00 Accruals 30.00 Total CA 500.00 Total CL 200.00 Fixed assets 500.00 Long-term debt 100.00 Common stock 500.00 Retained Earnings 200.00 Total assets 1,000.00 Total liabilities and equity 1,000.00

2014 Income Statements (Millions of $) Sales 2,000.00 Cost of Goods Sold 1,000.00 Other Operating Costs 900.00 EBIT 100.00 Interest 10.00 EBT 90.00 Taxes(40%) 36.00 Net Income 54.00 Dividends 21.60 Add. to Retained Earnings 32.40