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23) Next year, UMPI Corporation is increasing its fixed assets, Plant, Property, and Equipment, by...

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Accounting

23) Next year, UMPI Corporation is increasing its fixed assets, Plant, Property, and Equipment, by $4,000,000. The inventories will increase by 30%, accounts receivable will increase by 20%, and marketable securities will be reduced by 50% to help finance the expansion. If all other asset accounts remain the same and long-term debt will be used to finance the remaining costs of the expansion (no change in common stock or retained earnings), prepare a pro forma balance sheet for 2020. How much additional debt will be estimated using this pro forma balance sheet?

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