P4.1 Pro Forma Statements [LO1] Consider the following simplified financial statements for the Phillips Corporation (assuming no income taxes): Income Statement Sales $23,000 Assets Costs 13,300 Net income $9,700 Total Balance Sheet $10,500 Debt Equity $10,500 Total $5,100 5,400 $10,500 Phillips has predicted a sales increase of 12 percent. It has predicted that every item on the balance sheet will increase by 12 percent as well. Required: Calculate the dividend paid. (Do not round your intermediate calculations.) Multiple Choice $10,197 $10,216