Question 29: Inc. expects its sales to increase 25% in the coming year. The company expects to pay a dividend to its shareholders of $10,000. Subs Inc.'s current income statement and balance sheet are as follows: Income Statement Year Sales Cost of Goods Sold(65,000) EBITDA Depreciation EBIT 2017 $100,000 % of sales | Pro-forma?018 35,000 (10,000) 25,000 Interest Expense (5,00) Pretax Income 20,000 Taxes (7,000) $13,000 Net Income Using the percentage of sales methodology, please calculate the pro-forma Income Statement for the coming year. Also, calculate the pro-forma Balance Sheet (below) and additional financing needed or excess financing (before you adjust the Balance Sheet for financing needed or excess financing). Balance Sheet (First Pass and calculate additional financing or excess f 2016 | %| 2018 | Liab.& Equity | 2016 | % | 2018 Assets Accts. Payable $7,500 Long-term 43 Debt as Accts. Rec. 5,400 43,500 14,900 8,000 48,500 Inventory Fixed Assets Total Assets Excess Financin ul 65,900 Total L&E 65,900 Needed Financin After calculating the additional financing needed or excess financing, show how Sub's Inc.'s projected (Pro-forma) balance sheet will look at the end of the coming year ifit were to obtain the additional financing needed by borrowing in the form of a 10 year loan (long-term debt) from the bank or deposit any excess financing in its bank account (i.e. add it to its cash balance). Balance Sheet (Final Pass) below adjusted for the additional financing Show the Final needed or for the excess financing