Consider Brighton's results for Year 0 (see excel click here B). The sales forecast for Year 1 is given in excel. In addition, Brighton plans on paying dividends of $20,000 in Year 1, they have 40,000 shares of common stock outstanding and for simplification, assume their tax expense is 35% of EBT. For Year 1, forecast Brighton's: 1. Basic Earnings per common share (rounded to the nearest cent). 2. Retained earnings (rounded to the nearest dollar). Year 1 Cash Accounts Receivable Inventory Net PP&E Total Assets Year 50,000.00 275,000.00 350,000.00 800,000.00 1,475,000.00 Accounts Payable Notes Payable Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Accumulated OCI Total Liab and Equity 80,000.00 190,000.00 40,000.00 (10,000.00) 100,000.00 1,100,000.00 (25,000.00) 1,475,000.00 1,200,000.00 Sales Variable Expenses Contribution Margin Fixed Expenses Operating Income Nonrecurring Gain Tax Expense Net Income 1,000,000.00 (600,000.00) 400,000.00 (150,000.00) 250,000.00 75,000.00 (113,750.00) 211,250.00 Consider Brighton's results for Year 0 (see excel click here B). The sales forecast for Year 1 is given in excel. In addition, Brighton plans on paying dividends of $20,000 in Year 1, they have 40,000 shares of common stock outstanding and for simplification, assume their tax expense is 35% of EBT. For Year 1, forecast Brighton's: 1. Basic Earnings per common share (rounded to the nearest cent). 2. Retained earnings (rounded to the nearest dollar). Year 1 Cash Accounts Receivable Inventory Net PP&E Total Assets Year 50,000.00 275,000.00 350,000.00 800,000.00 1,475,000.00 Accounts Payable Notes Payable Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Accumulated OCI Total Liab and Equity 80,000.00 190,000.00 40,000.00 (10,000.00) 100,000.00 1,100,000.00 (25,000.00) 1,475,000.00 1,200,000.00 Sales Variable Expenses Contribution Margin Fixed Expenses Operating Income Nonrecurring Gain Tax Expense Net Income 1,000,000.00 (600,000.00) 400,000.00 (150,000.00) 250,000.00 75,000.00 (113,750.00) 211,250.00