The Gold Bay Hotel is in the process of developing a master budget and Pro-forma financial statements. The beginning balance sheet for the current fiscal year is estimated to be

Gold bay Hotel Estimated Balance sheet current year

Cash	$ 20,000	Accounts payable	$ 20,000
Accounts Recievable	30,000	Notes payable	500,000
Facilities	3,010,000	Capital stock	100,000
Accumulated Dep	(1,100,000)	Retained Earnings	1,340,000
Total assets	$ 1,960,000	Total Equities	$1,950,000

During the year the hotel expects to rent 30,000 rooms. Rooms rent for an average of $ 90 per night. The hotel expects to sell 40,000 meals during the year at an average price of $ 20 per meal. the variable cost per room rented is $ 30 and the variable cost per meal is $8. The fixed costs not including depreciation is expected to be $ 2,000,000. Depreciation is expected to be $ 500,000. The hotel also expects to refurbish the kitchen at a cost $ 200,000. Which is capitalized ( included in the facility account). Interest of the note payable is expected to be $ 50,000 and $ 100,000 of the note payable will be retired during the year. The ending accounts receivable amount is expected to be $ 40,000 and the ending account payable is expected to be $ 30,000.

Required

Prepare Pro-forma financial statement for the end of the current year.