Problem 19-9 Percentage-of-Sales Models (LO2) Here are the abbreviated financial statements for Planners Peanuts: Income Statement, 2015 Sales $3,980 Costs 1,540 Net income $ 2,440 2014 $3,230 Balance Shoet, Year-End 2015 $3,200 Debt Equity Assets 2014 $950 2,280 2015 $1,180 2,020 Total $3,230 $3,200 Total $3,230 $3,200 If sales increase by 22% in 2016, and the company uses a percentage-of-sales planning model (meaning that all items on the income and balance sheet also increase by 22%), what must be the balancing item? The balancing item is (Click to select) What will be its value? (Round your answer to 1 decimal place.) Value of the balancing item Problem 19-9 Percentage-of-Sales Models (LO2) Here are the abbreviated financial statements for Planners Peanuts: Income Statement, 2015 Sales $3,980 Costs 1,540 Net income $ 2,440 2014 $3,230 Balance Shoet, Year-End 2015 $3,200 Debt Equity Assets 2014 $950 2,280 2015 $1,180 2,020 Total $3,230 $3,200 Total $3,230 $3,200 If sales increase by 22% in 2016, and the company uses a percentage-of-sales planning model (meaning that all items on the income and balance sheet also increase by 22%), what must be the balancing item? The balancing item is (Click to select) What will be its value? (Round your answer to 1 decimal place.) Value of the balancing item