The management of Coker Corp. is doing a quick forecast of 20X9 using the modified percentage of sales method in preparation for a more detailed planning exercise later in the month. The estimate is to assume a 10% growth in sales. All other line items are to be assumed to grow at the same rate except for fixed assets which is projected to increase by $88,000 due to an expansion program already underway. Approximate financial statements for the current year, 20X8, and a planning worksheet are shown below. The firm pays 9% interest on all of its debt. Assume the tax rate is a flat 25%. There are no plans for dividends or the sale of additional stock next year. Make a forecast of Coker's complete income statement and balance sheet. Work to the nearest thousand dollars. (Hints: The easiest way to grow a number by 10% is to multiply it by 1.1 rather than taking 10% and adding. Do not grow subtotals. For example, to grow revenue and COGS by 10%, round each to the nearest thousand and subtract for gross margin. Don't grow interest, debt, or equity; use the debt/interest iteration technique.) Coker Corp. Current and Projected Income Statements ($000) 20X8 20X9 Revenue $642 COGS 289 Gross Margin $353 Expenses $240 EBIT $ 113 Interest (9%) 33 EBT $80 Income Tax (25%) $ 25 Net income $ 55 Coker Corp. Current and Projected Balance Sheets($000) ASSETS 20X8 20X9 C/L Debt Equity Total C/A F/A Total $198 552 $750 LIABILITIES & EQUITY 20X8 20X9 $ 87 325 338 $750