the end of 20x1. The & Lanime Corp is forecasting 20X2 near the end of 20X1. The estimated year-end 20x2 statements and a worksheet for the forecast follow Larime Corp. Projected Income Statement ($000) 20x1 100.0 $245,622 58.0 142.461 Gross margin 103,161 54,037 Interest (12%) 9.642 COGS Expenses EBIT 20.0 22.0 3.9 5 44,395 19,090 s 25,305 EBT 7.8 10.3 income tax (45%) Net income Larime Corp. Projected Balance Sheet ($000) 20x1 20X2 20x1 20X2 LIABILITIES& EQUITY Current liabilities $85,700 78,178 156,356 $320,234 ASSETS Current assets $ 178,106 Fixed assets Total Debt Equity Total $320,234 Management expects the following next year. An 8% increase in revenue. . Price cutting will cause the cost ratio (COGS/sales) to deteriorate (increase) by 1% (ofsales) from its current level Expenses will increase at a rate that is three quarters of that of sales. The current accounts will increase proportionately with sales . Net fixed assets will increase by $5 million. . All interest will be paid at 12%. Federal and state income taxes will be paid at a combined rate of43%. Make a forecast of Larime's complete income statement and balance sheet. Work to the nearest thousand dollars