Prepare a pro forma income statement for the year ending December 31, 2013, using the provided fixed cost data to improve the accuracy of the percentage of sales method. Prepare a proforma balance sheet as of December 31, 2013 using the information provided and the critical method. Includes a retained earnings adjustment account Analyze the financial statements and comment on the resulting required external financing Projected sales: $6,000,000.00. In 2012, sales were $5,607,476.64 at a probable growth rate of 7%. The costs of goods sold in 2012 include $1,000,000.00 in fixed costs. Operating expenses in 2012 include $250,000.00 in fixed costs. Interest expense is $5,000 and remains unchanged. The company will pay cash dividends in an amount equal to 40% of net profits after taxes. Inventories are $910,000.00, cash is $37,020.00 and will double. Marketable securities are $100,000 Notes payable are $75,000 Common shares are $100,000 and will remain unchanged Accounts receivable is $400,000.00 Accounts payable is $250,000.000 Other current liabilities are $40,000.00 and will remain unchanged. During the year a new computer system will be purchased at a cost of 356,000.00. total depreciation expense for the year will be $110,000.00 the tax rate will remain at 40%.