Tomorrow is unknown Plc$.$ expects sales of GHC $2\mathrm{.}4$ million next year and the same amount the following year. Sales are spread evenly throughout the year. On the basis of the following information, prepare a forecast income statement and balance sheet for the year end:Cash: Minimum of $4$ percent of annual salesAccounts reccivable: $60$day average collection period based on annual salesInventories: Turnover of eight times a yearNet fixed assets: GHC $500,000$ now. Capital expenditures equal to depreciation.Accounts payable: One month's purchasesAccrued expenses: $3$ percent of salesBank borrowings: GHC $50,000$ now. Can borrow up to GHC $250,000$Long$-$term debt: GHC$300,000$ now, payable GHC$75,000$ at year end.Common stock: GHC$100,000.$ No additions planned.Retained earnings: GHC$500,000$ now.Net profit margin: $8$ percent of sales.Dividends: None.Cost of goods sold: $60$ percent of salcs.Purchases: $50$ percent of cost of goods sold.Income taxes: $50$ percent of before$-$tax profits.