Forecast DP's 2020 income statement and balance sheet using the following relations ($ millions). Assume total revenues grow by 13% in 2020. All other percentages (other than sales growth and provision for income taxes) are based on historic percent of total revenues. CAPEX for 2020 will be 1.1% of total revenue, and depreciation will be $184.4 million. Goodwill, long-term debt, preferred stock, common stock, and Accumulated other comprehensive loss will not change for the year. The company will acquire intangibles equal to 2.9% of total revenues and will record amortization expense of $276.1 million. Income taxes will be 25% of pretax income and income taxes payable will be 7.7% of 2020 tax expense. The company will award $167.3 million of stock-based compensation, which increases Capital in excess of par value by the same amount. Assume that the company routinely includes this form of compensation in operating expenses each year. The company will continue its stock repurchases. DP will repurchase $750 million of treasury stock. Dividends will be $1,389.40 in 2020, and dividends payable will be 26.3% of dividends. DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2019, $ millions Total revenues $14,175.2 Operating expenses 7,145.9 Systems development and programming costs 636.3 Depreciation and amortization 304.4 Total cost of revenues 8,086.6 Selling, general, and administrative expenses 3,064.2 Interest expense 129.9 Total expenses 11,280.7 Other (income) expense, net (111.1) Earnings before income taxes 3,005.6 Provision for income taxes 712.8 Net earnings $2,292.8 DATA PROCESSING INC. Balance Sheet June 30,2020 $ millions Forecast Current assets Cash and cash equivalents $1,949.2 Accounts receivable, net 2,439.3 Other current assets 519.6 Total current assets before funds held for clients 4,908.1 Funds half for clients 29,434.2 Total current assets 34,342.3 Long-term receivables, net 23.8 Property, plant and equipment, net 764.2 Capitalized contract cost, net 2,428.5 Other assets 934.4 Goodwill 2,323.0 Intangible assets, net 1,071.5 Total assets $41,887.7 Current liabilities Accounts payable $125.5 Accrued expenses and other current liabilities 1,759.0 Accrued payroll and payroll-related expenses 721.1 Dividends payable 340.1 Short-term deferred revenues 220.7 Obligations under reverse repurchase agreements 262.0 Income taxes payable 54.8 Total current liabilities before client funds obligations 3,483.2 Client funds obligations 29,144.5 Total current liabilities 32,627.7 Long-term debt 2,002.2 Other liabilities 798.7 Deferred income taxes 659.9 Long-term deferred revenues 399.3 Total liabilities 36,487.8 Shareholders' equity Preferred stock, $1.00 par value; Authorized, 0.3 shares; issued, none Common stock, $0.10 par value; Authorized, 1,000.0 shares; issued, 638.7 shares; outstanding 434.2 shares 63.9 Capital in excess of par value 1,183.2 Retained earnings 17,500.6 Treasury stock, at cost: 204.5 shares (13,090.5) Accumulated other comprehensive loss (257.3) Total stockholders' equity 5,399.9 Total liabilities and stockholders' equity $41,887.7