The Del Rio Derrick Co. has the following statements from 2018:

Income Statement

Sales $650,000

- COGS 507,000

Gross Profits $143,000

- Expenses - 91,000

EBIT $ 52,000

-Interest $ 12,800

EBT $ 39,200

- Taxes $ 9,408

EAT $ 29,792

Balance Sheet

Current liabilities $80,000

Current Assets $136,500 L-T Debt $160,000

Fixed Assets 563,500 Equity 460,000

Total Assets 700,000 Total Liabilities

& Equity $700,000

The firm expects that sales will increase by 14 percent, COGS will remain at their same percentage of sales as now and that expenses will decrease by 2% from their current percentage of sales. Current assets are expected to rise by 5% from their current percentage of sales while fixed assets will rise by $100,000. No sale of stock is expected. Interest will only be on long-term debt, which is expected to rise by $20,000, and will be at a 9% rate. Taxes will be at the same rate as 2018. No dividends are paid and any shortfalls should be made up in current liabilities.

Prepare a 2019 pro forma income statement and balance sheet, properly labeled.