Please clearly state all answers.

Financing Deficit Garlington Technologies Inc.'s 2018 financial statements are shown below: Balance Sheet as of December 31, 2018 Cash Receivables $ 360,000 156,000 Inventories $ 180,000 360,000 720,000 $1,260,000 1,440,000 Total current assets 180,000 Accounts payable Notes payable Line of credit Accruals Total current liabilities Common stock Retained earnings Total liabilities and equity Fixed assets $ 696,000 1,800,000 204,000 Total assets $2,700,000 $2,700,000 Income Statement for December 31, 2018 Sales Operating costs $3,600,000 3,279,720 $ 320,280 18,280 EBIT Interest Pre-tax earnings $ 302,000 Taxes (40%) 120,800 Net income 181,200 Dividends $ 108,000 Suppose that in 2019 sales increase by 5% over 2018 sales and that 2019 dividends will increase to $178,000. Forecast the financial statements using the forecasted financial statement method. Assume the firm operated at full capacity in 2018. Use an interest rate of 14%, and assume that any new debt will be added at the end of the year (so forecast the interest expense based on the debt balance at the beginning of the year). Cash does not earn any interest income. Assume that the all new-debt will be in the form of a line of credit. Enter your answers as positive values. Do not round intermediate calculations. Round your answers to the nearest dollar. IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Garlington Technologies Inc. Pro Forma Income Statement December 31, 2019 Sales Operating costs EBIT Interest Pre-tax earnings Taxes (40%) Net income Dividends: Addition to RE: Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2019 Cash Receivables Inventories Total current assets Fixed assets Total assets Accounts payable Notes payable Accruals Total current liabilities Common stock Retained earnings Total liabilities and equity