The following are financial statement items for Lowell Inc.:

$20212020$

Sales $$8,050,000$$$6,500,000$

Cost of Goods $5,350,0004,250,000$

Depreciation $120,000100,000$

Selling and G&A Expenses $820,000730,000$

Fixed Expenses $200,000200,000$

Interest Expense $350,000300,000$

Tax Rate $40\mathrm{.}00\%40\mathrm{.}00\%$

Shares Outstanding $100,00080,000$

Cash $323,00050,000$

Marketable Securities $250,000100,000$

Accounts Receivable $450,000350,000$

Inventory $1,250,000850,000$

Prepaid Expenses $120,00040,000$

Plant & Equipment $5,350,0004,800,000$

Accumulated Depreciation $410,000290,000$

Long Term Investments $450,000360,000$

Accounts Payable $420,000380,000$

Notes Payable $300,000200,000$

Other Current Liabilities $200,000180,000$

Long$-$term Debt $2,900,0002,500,000$

Common Stock $2,500,0002,000,000$

Additional Paid$-$in$-$Capital $600,000500,000$

Retained Earnings $863,000500,000$

Use the above data and create Lowell's income statement and balance

sheet for $2021$ and $2020.$ Each financial statement should be

presented on the worksheets $"$Q$1\_$IS$"$ and $"$Q$1\_$BS$,"$ respectively.

Make the statements concise by displaying the numbers in thousands

$($you can $1)$ divide the numbers by $1,000$ or $2)$ right$-$click the cell and

choose format cell $-$ custom $-$ ###$0\mathrm{.}00,).$

FINA $30302$

Based on the income statements created in Questions $1,$ create a

forecasted income statement on the worksheet $"$Q$2\_$Pro$-$forma IS$"$ for

Assume that:

Each income statement item remains in the same proportion as in

The forecasted sales for $2022$ are $$9,000,000.$

Fixed expenses and interest expense will not change for $2022.$

Changes in depreciation expenses are proportional to changes in

sales for $2022.$

The tax rate and the number of shares outstanding for $2022$ are

the same as those in $2021.|$