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2. Morrissey Technologies Inc.'s 2020 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of December 31, 2020 Cash $ 180,000 Accounts payable $ 360,000 Receivables 360,000 Notes payable 56,000 Inventories 720,000 Accrued liabilities 180,000 Total CA $1,260,000 Total current liabilities 596,000 Long-term debt 100,000 Fixed assets 1,440,000 Common stock 1,800,000 Retained earnings 204,000 Total assets $2,700,000 Total liabilities and equity 2,700,000Suppose that in 2021, sales increase by 10% over 2020 sales. The rm currently has 100,000 shares outstanding. It expects to maintain its 2008 dividend payout ratio and believes that its assets should grow at the same rate as sales. The rm has no excess capacity. However, the rm would like to reduce its Operating costs/Sales ratio to 87.5% and increase its total debt ratio to 30%. (it believes that its current debt ratio is too low relative to the industry average.) The rm will raise 30% of 2021 forecasted total debt as notes payable, and it will issue long-term bonds for the remainder. The rm forecasts that its before-tax cost of debt [which includes both short-term and long-term debt) is 12.5%. Assume that any common stock issuances or repurchases can be made at Morrissey Technologies Inc.: Income Statement for December 31, 2020 Sales $3,600,000 Operating costs 3,279,720 EBIT $ 320,230 Interest 20,280 EBT $ 300,000 Taxes [40%) 120,000 Net Income $ 180,000 Per Share Data: Common stock price $ 45.00 Earnings per share [EPS] $ 1.80 Dividends per share (DPS) $ 1.08 the rm's current stock price of $45. a. b. Construct the forecasted nancial statements aSSuming that theSe changes are made. What are the rms's forecasted notes payable and long-term debt balances? What is the forecasted addition to retained earnings