Q2. Use the data below to forecast the December 31, 2021, income statement and balance sheet. for J. A Enterprises. Use the percent of sales method and the following assumptions: (1) Sales in FY 2021 will be $830.00. (2) The tax rate will be 25% (3) Each item that changes with sales will be the five-year average percentage of sales. (4) Property, Plant & Equipment - Gross will increase to $675. (5) The dividend will be $0.90 per share. Use your judgment on all other items. a. Complete the table using formulas. (10 marks) b. In your own words, describe the percentage of sales method used in pro forma statement. (2 marks] C. What is the DFN in 2021? Is this a surplus or deficit? d. Create a scatter plot of cash vs. sales and add a trend line. Is cash a consistent percentage of sales? Does this fit your expectations? e. Create another column and in it, report the percentages of all items where you calculated as a percentage of sales. Sales Cost of Goods Sold (COGS) incl. D&A Gross Income SG&A Expense EBIT (Operating Income) Interest Expense Other Income - Net Unusual Expense - Net Pretax Income Income Taxes Net Income EPS (recurring) EPS (diluted) Diluted Shares Outstanding Total Shares Outstanding J. A Enterprises Income Statement All figures in millions of Canadian Dollar, except per share items December December December December 20 '19 '18 766.784 763.385 794.202 '21* Dividends per Share Payout Ratio EBITDA EBIT Depreciation & Amortization Expense Tax Rate 0.33 0.53 0.00 27.63 26.53 50.00 19.83 350.820 415.964 367.097 48.867 0.325 0.525 0.000 49.067 12.696 36.371 1.32 1.32 27.63 26.53 0.76 57.72 68.70 48.87 19.83 0.000 56.995 20.801 36.194 1.29 1.29 {I marks) 343.662 351.966 419.723 361.773 57.950 1.223 0.268 27.96 27.45 0.74 57.36 (5 marks) 78.07 57.95 20.12 (7 marks) 442.236 353.057 89.179 1.618 0.395 0.000 87.956 31.319 56.637 2.00 2.00 28.32 27.75 0.62 31.00 108.53 89.18 19.35 December '17 754.600 343.437 411.163 345.229 65.934 5.957 1.206 4.500 56.683 19.541 37.142 1.38 1.27 29.18 28.41 0.50 39.37 85.08 65.93 19.14