Garlington technologies inc.'s 2016 financial statements are shown below: balance sheet as of december 31, 2016cash $ 180,000 accounts payable $ 360,000receivables 360,000 notes payable 156,000inventories 720,000 line of credit 0total current assets $1,260,000 accruals 180,000fixed assets 1,440,000 total current liabilities $ 696,000common stock 1,800,000retained earnings 204,000total assets $2,700,000 total liabilities and equity $2,700,000income statement for december 31, 2016sales $3,600,000operating costs 3,279,720ebit $ 320,280interest 18,280pre-tax earnings $ 302,000taxes (40%) 120,800net income 181,200dividends $ 108,000suppose that in 2017 sales increase by 5% over 2016 sales and that 2017 dividends will increase to $174,000. forecast the financial statements using the forecasted financial statement method. assume the firm operated at full capacity in 2016. use an interest rate of 11%, and assume that any new debt will be added at the end of the year (so forecast the interest expense based on the debt balance at the beginning of the year). cash does not earn any interest income. assume that the all new-debt will be in the form of a line of credit. round your answers to the nearest dollar. do not round intermediate calculations. garlington technologies inc. pro forma income statementdecember 31, 2017sales $operating costs $ebit $interest $pre-tax earnings $taxes (40%) $net income $dividends: $addition to re: $garlington technologies inc. pro forma balance statementdecember 31, 2017cash $receivables $inventories $total current assets $fixed assets $total assets $accounts payable $notes payable $accruals $total current liabilities $common stock $retained earnings $total liabilities and equity $