Sarlington Technologies Inc.'s 2018 financial statements are shown below: Salance Sheet as of December 31, 2018 Cash $ 180,000 Accounts payable $360,000 Receivables 360,000 Notes payable 156,000 Inventories 720,000 Line of credit Total current assets $1,260,000 Accruals 180,000 Fixed assets 1,440,000 Total current liabilities $ 696,000 Common stock 1,800,000 Retained earnings 204,000 Total assets $2,700,000 Total liabilities and equity $2,700,000 Income Statement for December 31, 2018 0 Sales $3,600,000 Operating costs 3,279,720 EBIT $ 320,280 Interest 18,280 Pre-tax earnings $ 302,000 Taxes (40%) 120,800 Net income 181,200 Dividends $ 108,000 Suppose that in 2019 sales increase by 20% over 2018 sales and that 2019 dividends will increase to $146,000. statements using the forecasted financial statement method. Assume the firm operated at full capacity in 2018. Us and assume that any new debt will be added at the end of the year (so forecast the interest expense based on the C Search or type URL S 4 & 3 5 6 7 8 9 E R T Y Search the Suppose that in 2019 sales increase by 20% over 2018 sales and that 2019 dividends will increase to $146,000. Forecast the financial statements using the forecasted financial statement method. Assume the firm operated at full capacity in 2018. Use an interest rate of 9%, and assume that any new debt will be added at the end of the year (so forecast the interest expense based on the debt balance at the beginning of the year). Cash does not earn any interest income. Assume that the all new-debt will be in the form of a line of credit. Enter your answers as positive values. Do not round intermediate calculations. Round your answers to the nearest dollar Garlington Technologies Inc. Pro Forma Income Statement December 31, 2019 Sales Operating costs $ EBIT $ Interest $ $ Pre-tax earnings Taxes (40%) Net income $ $ Dividends: Addition to RE: $ $ $ Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2019 Cash $ 216000 Receivables 432000 Inventories 864000 Total current assets 1512000 Fixed assets 1756800 Total assets 3268800 Accounts payable $ 432000 Notes payable 156000 Accruals $ 216000 Total current liabilities $ Common stock 1800000 Retained earnings $ Total liabilities and equity $ $ $