PIX, Inc., has the following income statement and balance sheet for the year 2019:

PIX, Inc., Income Statement Dec. 31, 2019
Sales revenue	12000
Less: Cost of goods sold	5000
Gross profits	7000
Less: Operating expenses	4000
Operating profits	3000
Less: Interest expense	500
Net profits before taxes	2500
Less: Taxes (tax rate 30%)	750
Net profits after taxes	1750
Less: Cash dividends	525
To retained earnings	1225

PIX, Inc., Balance sheet Dec. 31, 2019
Assets		Liabilities and stockholders equity
Cash	450	Accounts payable	950
Marketable securities	500	Taxes payable	187.5
Accounts receivable	900	Notes payable	550
Inventories	2000	Other current liabilities	422.5
Total current assets	3850	Total current liabilities	2110
Net fixed assets	4500	Long-term debt	1500
Total assets	8350	Total liabilities	3610
		Common stock	2250
		Retained earnings	2490
		Total liabilities and equity	8350

Additional information related to financial projections for the year 2020 is as follows:

(1) Projected sales are $7000

(2) Cost of goods sold in 2019 includes fixed costs of $1200

(3) Operating expense in 2019 includes fixed costs of $600

(4) Interest expense will remain unchanged.

(5) The firm will pay cash dividends amounting to 25% 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 $600 will be purchased during the year.

(10) Total depreciation expense for the year will be $220

(11) The tax rate will remain at 40%

(12) Taxes payable are 25% of the tax expense.

1-Prepare a pro forma income statement for the year ended December 31, 2020

2-Prepare a pro forma balance sheet as of December 31, 2020