Financing Deficit Garlington Technologies Inc.'s 2019 financial statements are shown below: Income Statement for December 31, 2019 Sales $4,000,000 3,200,000 Operating costs EBIT Interest $ Ron,000 120,000 $ 680,000 170,000 Pre-tax earnings Taxes (25%) $360,000 Net income 510,000 Dividends $ 190,000 Balance Sheet as of December 31, 2019 , Cash $ 160,000 Accounts payable Receivables 360,000 Line of credit Inventories 720,000 Accruals Total CA $1,240,000 Total CL Fixed assets 4,000,000 Long-term bonds Total Assets $5,240.000 Common stock 0 200,000 $ 560,000 1,000,000 1,100,000 RE 2,580,000 $5,240,000 Total L&E Suppose that in 2020 sales increase to $4.6 million and that 2020 dividends will increase to $184,000. Forecast the financial statements using the forecasted financial statement method. Assume the firm operated at full capacity in 2019. The long-term bands have en interest rate of 13%. New financing will be with a line of credit. Assume it will be added at the end of the year. Cesh does not eer any interest income. Enter your answers as positive values. Do not round intermediate calculations. Round your answers to the nearest dollar. Garlington Technologies Inc. Pro Forma Income Statement December 31, 2020 Sales $ 4600000 Operating costs $ 3680000 EBIT $ 920000 Interest $ 130000 Pre-tax earnings $ 790000 W Taxes (25%) $ 197000 Net income $ 592500 Dividends: $ 184000 Addition to RE: $ 408500 Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2020 $ 192000 X Cash Receivables $ 432000 X Inventories $ 864000 x Total current assets $ 1488000 X Fixed assets $ $ Total assets $ 4800000 6288000 432000 527500 $ Accounts payable Line of credit $ Accruals $ 240000 x Total current liabilities $ 1199500 1000000 LT bonds $ Common stock $ 1100000 Retained earnings $ 2988500 Total L&E L&E $ 6288000