The income statement and balance sheet for the ZZZ Mattress Company for the year ended December 31, 20X1 follow. ZZZ Mattress Company Income statement Year ended December 31, 20X1 Sales 300,000 Cost of goods sold 195,000 Gross prot 105,000 Selling expenses 40,000 Administrative expenses 11,000 Depreciation M Operating prot 44,000 Interest M Prot before taxes 32,000 Taxes (40%) M Profit after taxes m ZZZ Mattress Company Balance sheet December 31, 20X] Assets Cash Accounts receivable Inventory Total current assets Plant and equipment net Total assets Liabilities and equity Accounts payable Notes payable Accruals Total current liabilities Long-term debt Shareholders' equity Common stock Retained earnings Total liabilities and equity 1,500 60,000 m 156,500 150,000 306$ 45,500 55,000 5% 105,500 55,000 \"1,000 75,000 306& The Z Mattress Co. has been requested by the llocandia National Bank, a major creditor, to prepare a proforma balance sheet for the year ending, December 31, 20X2. Use the percent-of-sales method and the following financial data. 20X2sales are estimated at P330,000. Accounts receivable represent 20% of sales. Inventory represents 32% of sales. P15,000. Accounts payable represents 15% of sales. No long-term debt will be retired in 20x2. Required A minimum cash balance of P1 ,650 is maintained. Notes payable and accruals will remain the same. No common stock will be repurchased in 20X2. The firm will pay dividends equal to 50% of its earnings after taxes. Fixed-asset outlays in 20X1are P20,000. Total depreciation expense for 20X2 will be Prepare the proforma income statement and balance sheet and discuss the resulting external financing required