Using the original Pet Products Forever balance sheet from 2017 construct a pro forma balance sheet using the following information: Sales are projected to grow by 5% causing net earnings of $10,000. The company wants to hold at least $30,000 in cash. The firms long-term debt will decrease to $10,000. No new common stock will be issued, but $3,000 in dividends will be paid to shareholders. Accounts receivable will scale with sales. The company would like to hold $10 in inventory. The tax rate will remain the same. The note payable will remain the same. Accounts payable will scale with sales.

Here is the balance sheet for 2017:

Assets				Liabilities and Equity
Cash and cash equivalents	$	20.0		Accounts payable	$	15.0
Accounts receivable		18.0		Notes payable		21.0
Inventories		10.0		Total current liabilities		36.0
Total current assets		48.0		Long-term debt		12.0
Land and buildings		17.6		Total liabilities		48.0
Machinery and equipment		9.0		Common stock		17.1
Total gross fixed assets		26.6		Retained earnings		9.5
				Total common equity		26.6
Total assets	$	74.6		Total liabilities and equity	$	74.6