Your second task is to construct the FY2023 pro forma financial statements for Footloose Travel Ltd and to forecast the amount of external funding required. The specific assumptions for your base-case forecast should be the ones given below: The operating revenue is expected to be 10% higher in 2023 due to increased domestic and international travel; The companys operating expenses are not simply a percentage of sales since the company has approximately $100 million of fixed costs to cover each year. To help you, one of your analysts has estimated that operating expense should respond to operating revenue in the following way: Operating expense = $100 million + 0.5 Operating revenue Since Footloose is a publicly traded company, and its share price has already taken a substantial battering, you are worried about spooking the market further by cutting the companys dividend in 2023. Therefore, you have decided that the dollar dividend amount should remain the same in 2023 as it was in 2022. The companys corporate tax rate is 30% which is paid only on profits not losses. In other words, the company will pay zero taxes for the year if they make a net loss. While any taxable loss in FY2023 could potentially be used to offset taxes in future years, this will not affect the companys financial position in FY2023. All other items are assumed to be the same percentage of operating revenue as they were in FY2022. Once your pro forma financial statements are complete, report any external funding that is expected to be required in FY2023 under the above base case. Guidance on Task 2: To help you construct the pro forma statements for 2023 I have included a column in the Excel file (column L) for the 2023 items. I have also highlighted in green all cells that must be completed in order to arrive at the pro forma statements and the external funding required. Also, do not make any interest expense adjustments for the purposes of this task since we do not know yet how any external funds should be raised.