The financial statements for the year ended June 30, 2011, are given below for Morgan Construction Company. The firm€™s sales are projected to grow at a rate of 25 percent next year, and all financial statement accounts will vary directly with sales. Based on that projection, develop a pro forma balance sheet and an income statement for the 2012 fiscal year.

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Morgan Construction Company Balance Sheet as of June 30, 2011 Liabilities and Stockholders' Equity Accounts payables Notes payables Assets: $ 9,041,679 4,857,496 Cash Accounts receivables Inventories Total current assets Net fixed assets Other assets S 3,349,239 5,830,754 22,267,674 $31,447,667 43,362,482 1,748,906 Total current liabilities Long-term debt Common stock Retained earnings S 13,899,175 29,731,406 19,987,500 12,940,974 Total liabilities and equity $76,559,055 Total assets $76,559,055 Morgan Construction Company Income Statement for the Fiscal Year Ended June 30, 2011 Net sales Costs EBITDA Depreciation EBIT Interest EBT Taxes (35%) Net income $ 193,212,500 45,265,625 47,946,875 23,318,750 24,628,125 11,935,869 $ 12,692,256 4,442,290 $ 8,249,966