Pro forma balance sheet Peabody \& Peabody has 2022 sales of $10.5m 3lion. It wishes to analyze oxpectod performance and financing needs for 2024 - 2 years ahead. Given the following information, respond to parts a. and b. (1) The percents of sales for items that vary directly with sales are as follows: Accounts receivable; 12.3\%, Inventory: 18.5%; Accounts payable, 14.3\%; Net profit margin, 2.5\%. (2) Marketable securities and other current liabilities will remain unchanged. (3) Peabody desires a minimum cash balance of $480,000. (4) A new machine costing $654,000 will be acquired in 2023, and equipment costing $850,000 will be purchased in 2024. Total depreciation in 2023 is forecast as $293,000, and in 2024$393,000 of depreciation will be taken. (5) Accruals will rise to $497,000 by the end of 2024. (6) There will be no sale or retirement of long-term debt. (7) No sale or repurchase of common stock is expected. (8) The dividend payout of 50% of net profits will continue. (9) The sales forecast predicts $11.6 million in 2023 and $11.4 million in 2024. (10) The December 31,2022 , balance sheet is here a. Prepare a pro forma balance sheet dated December 31, 2024. b. Discuss the financing changes suggested by the statement prepared in part (a). a. Prepare a pro forma balance sheet dated December 31,2024 . Complete the assets part of the pro forma balance sheet for Peabody \& Peabody for December 31,2024 below. (Round to the nearest dollar.) Peabody \& Peabody Balance Sheot December 31, 2022