Prepare the Pro Forma Statement of Financial Position of BBC Enterprises as at 31 October 2019 using the percentage-of-sales method, except where otherwise stated. INFORMATION ■ The sales for the year ended 31 October 2018 was R1 200 000. ■ The sales are expected to increase to R1 500 000 for the year ended 31 October 2019. ■ 75 000 shares at R1.50 each are expected to be sold on 30 November 2018. ■ Planned purchases of equipment during December 2018 amount to R670 000. Depreciation for the year ended 31 October 2019 is estimated at R90 000. ■ The forecasted after-tax return on sales is 20%. A final dividend estimated at 60% of the net profit is expected to be declared. These dividends are expected to be paid during December 2019. ■ Income tax for the year ended 31 October 2019 is expected to amount to R90 000. Of this amount, R12 000 is expected to be owed on 31 October 2019. ■ The amount of external funding required (non-current liabilities) must be calculated. ■ The Statement of Financial Position as at 31 October 2018 is as follows: Statement of Financial Position as at 31 October 2018 R ASSETS Non-current assets Equipment 300 000 Current assets Inventories 192 000 Accounts receivable 300 000 Cash and cash equivalents 48 000 Total assets 840 000 EQUITY AND LIABILITIES Equity Ordinary share capital 600 000 Retained income 60 000 Non-current liabilities - 0 Current liabilities Accounts payable 180 000 Total equity and liabilities 840 000