The most recent financial statements for Scott, Inc., appear below. Sales for 2020 are projected to grow by 25 percent. Interest expense will remain constant, the tax rate and the dividend payout rate also will remain constant Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. SCOTT, INC 2019 Income Statement Sales Costs Other expenses $ 751,000 586,000 22,000 Earnings before interest and taxes Interest expense $ 143,000 18,000 Taxable income Taxes (23%) $ 125.000 28.750 Net income $ 96.250 Dividends Addition to retained earnings $29,838 66,412 Draw INI SCOTT, INC. Balance Sheet as of December 31, 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 21,040 Accounts payable $ 55,200 Accounts receivable 43,980 Notes payable 14,400 Inventory 95,960 Total $ 69,600 Total $160,980 Long-term debt $ 134,000 Fixed assets Net plant and equipment $427,000 Owners' equity Common stock and paid in surplus Retained earnings $ 116,500 267,880 Total $384,380 Total assets $587.980 Total liabilities and owners equity $587,980 In 2019, the firm operated at 80 percent of capacity. Construct the pro forma income statement and balance sheet for the company. Assume that fixed assets are sold so that the company has a 100 percent asset utilization. (Do not round intermediate calculations.) Pro Forma Income Statement Sales Costs Other expenses EBIT Interest expense Taxable income Taxes Net income