The following tables contain financial statements for Dynastatics Corporation. Although the company has not been growing, it now plans to expand and will increase net fixed assets (ie., assets net of depreciation) by $380,000 per year for the next 5 years, and it forecasts that the ratio of revenues to total assets will remain at 1.50. Annual depreciation is 10% of net fixed assets at the beginning of the year. Fixed costs are expected to remain at $92 and variable costs at 80% of revenue. The company's policy is to pay out two- thirds of net income as dividends and to maintain a book debt ratio of 20% of total capital. INCOME STATEMENT, 2019 (Figures in $ thousands) Revenue Fixed costs Variable costs (80% of revenue) Depreciation Interest (8% of beginning-of-year debt) Taxable income Taxes (at 40%) Net income Dividends Addition to retained earnings $ 2,340 92 1,872 152 24 200 80 $ 120 $ 80 $ 40 BALANCE SHEET, YEAR-END (Figures in $ thousands) 2019 $ 40 1,520 $ 1,560 Assets Net working capital Fixed assets Total assets Liabilities and shareholders' equity Debt Equity Total liabilities and shareholders' equity $ 300 1,260 $ 1,560 Required: a1. Produce an income statement for 2020. Assume that net working capital will equal 50% of fixed assets. a2. Produce a balance sheet for 2020. Assume that net working capital will equal 50% of fixed assets. b. Now assume that the balancing item is debt and that no equity is to be issued. Prepare a completed pro forma balance sheet for 2020 c. Assume that the balancing item is debt and that no equity is to be issued, what is the projected debt ratio for 2022? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Reqc Produce an income statement for 2020. Assume that net working capital will equal 50% of fixed assets. (Input all amounts as positive values. Enter your answers in thousands.) Pro-Forma Income Statement 2020