Garlington Technologies Inc.'s 2018 financial statements areshown below: Balance Sheet as of December 31, 2018 Cash $ 180,000Accounts payable $ 360,000 Receivables 360,000 Notes payable156,000 Inventories 720,000 Line of credit 0 Total current assets$1,260,000 Accruals 180,000 Fixed assets 1,440,000 Total currentliabilities $ 696,000 Common stock 1,800,000 Retained earnings204,000 Total assets $2,700,000 Total liabilities and equity$2,700,000 Income Statement for December 31, 2018 Sales $3,600,000Operating costs 3,279,720 EBIT $ 320,280 Interest 18,280 Pre-taxearnings $ 302,000 Taxes (40%) 120,800 Net income 181,200 Dividends$ 108,000 Suppose that in 2019 sales increase by 20% over 2018sales and that 2019 dividends will increase to $174,000. Forecastthe financial statements using the forecasted financial statementmethod. Assume the firm operated at full capacity in 2018. Use aninterest rate of 8%, and assume that any new debt will be added atthe end of the year (so forecast the interest expense based on thedebt balance at the beginning of the year). Cash does not earn anyinterest income. Assume that the all new-debt will be in the formof a line of credit. Enter your answers as positive values. Do notround intermediate calculations. Round your answers to the nearestdollar.

Garlington Technologies Inc. Pro Forma Income Statement December 31, 2019
Sales		$
Operating costs		$
EBIT		$
Interest		$
Pre-tax earnings		$
Taxes (40%)		$
Net income		$
Dividends:		$
Addition to RE: