A local software company's current income statement is shown below. The company has planned an aggressive sales growth rate of 20% for next year (Fiscal Year 2024), and they are currently unsure how to finance this expansion.Practically, this means that when constructing the 2024 statements, entries connected with long term debt and equity will be equal to the 2023 levels, and that the pro-forma balance sheet will not necessarily balance.Q21A. Please use the percentage-of-sales approach (and the excel template below) to constructi. The firm's pro-forma income statement for next year (Fiscal Year 2024) (2 points)ii. The firm's pro-forma balance sheet for next year (Fiscal Year 2024) (2 points)

Income Statement Sales increase= 20% FY 2023 Percent FY 2024 Sales revenue $3,000,000 Costs except depreciation $2,100,000 EBITDA $ 900,000 Depreciation and amortization 300,000 Earnings before interest and taxes (EBIT) 600,000 Interest expense 88,000 Earnings before taxes (EBT) 512,000 Taxes (20% 102,400 Net Income $ 409,600 Common stock dividends 245,760 Increase in retained earnings $ 163,840 Balance Sheet FY 2023 Percent FY 2024 Assets Cash and equivalents $ 120,000 Accounts receivable $ 300,000 Inventory 600,000 Total current assets $1,020,000 Property, plant and equipment $1,200,000 Total assets $2,220,000 Liabilities and Stockholders' Equity Accounts payable $ 330,000 Long-term debt $ 750,000 Total liabilities $1,080,000 Common stock 210,000 Retained earnings 930,000 Total liabilities and stockholders' equity $2,220,000 Part b) EFN