Prepare proforma income statement and balance sheet for the year ending 31 December 2021

Income Statement ( millions) 2018 2019 2020 Sales 62.5 78.7 95.0 Cost of goods sold 40.1 52.6 63.2 Operating expense 5.6 7.1 8.2. Depreciation expense 3.3 4.3 6.1 EBIT 13.5 14.7 17.5 Interest expense 3.5 4.6 6.7 Pre-tax income 10.1 10.1 10.8 Taxes 4.7 5.0 5.1 Net income 5.4 5.1 5.7 Balance Sheet ( millions) ASSETS 31-Dec-18 31-Dec-19 31-Dec-20 Current assets Cash and marketable securities 5.3 6.1 7.9 Accounts receivable 14.3 17.3 22.9 Inventory 22.4 24.6 31.0 Total current assets 42.0 48.0 61.8 Net PPE 214.6 263.9 331.1 Total assets 256.6 311.9 392.8 LIABILITIES AND EQUITY Current liabilities Accounts payable 48.5 56.2 63.3 Short-term debt 28.8 40.4 53.3 Total current liabilities 77.3 96.6 116.5 Long-term debt 27.4 40.6 58.8 Total liabilities 104.7 137.3 175.3 Shareholders' equity Common Stock 87.1 107.2 147.4 Retained earnings 64.8 67.4 70.2 Total shareholders'equity 151.9 174.6 217.6 Total liabilities and equity 256.6 311.9 392.8