Hello! I need help with this one and with solution please, thank you!

ABD Restaurants wishes to prepare financial plans. Use the financial statements below and the other information provided to prepare the financial plans ABD Restaurants Income Statement for the Year Ended December 31, 20xx Sales revenues Less: Cost of goods sold Gross profits Less: Operating expenses Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Cash dividends To retained earnings 32,000,000 24,000,000 8,000,000 4,000,000 4,000,000 1,600,000 2,400,000 800,000 1,600,000 ABD Restaurants Balance Sheet December 31, 20xx Assets Cash Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets 1,280,000 720,000 6,000,000 4,000,000 12,000,000 14,000,000 26,000,000 Liabilities and Stockholders' Equity Accounts payable Taxes payable Other current liabilities Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity 4,000,000 800,000 200,000 5,000,000 8,000,000 13,000,000 6,000,000 7,000,000 26,000,000 The following financial data are also available: 1 The firm has estimated that its sales for 20xy will be PhP36,000,000. 2 The firm expects to pay PhP1,400,000 in cash dividends in 20xy. 3 The firm wishes to maintain a minimum cash balance of PhP1,200,000. 4 Accounts receivable represent approximately 18% of annual sales. 5 The firm's ending inventory will change direclty with changes in sales in 20xy. 6 A new machine costing PhP1,680,000 will be purchased in 20xy. Total depreciation for 20xy will be PhP680,000. 7 Accounts payable will change directly in response to changes in sales in 20xy. 8 Taxes payable will equal cost one-fourth of the tax liability on the pro-forma income statement 9 Marketable securities, other current liabilities, long-term debt, and common stock will remain Required: a. Prepare a pro forma income statement for the year ended in December 31, 20xy, using the percent-of-sales method. b. Prepare a pro forma balance sheet dated December 31, 20xy, using the judgmental approach. Solution and