Please do on excel and please provide formulas

Trends on Target Inc., a regional fashion apparel retailer, wants to prepare a 2018 Pro Forma Income Statement and a 2018 Pro Forma Balance Sheet using the following 2017 and 2016 data: Trends on Target, Inc. Income Statement For the Periods Ended Dec. 31, 2017 & 2016 Trends on Target, Inc. Balance Sheet As of Dec. 31, 2017 & 2016 2017 2016Assets 2016 Sales Cost of Goods Sold Gross Profit S,G&A Expenses Fixed Expenses Depreciation Expense EBIT Interest Expense Earnings Before Taxs 563,000 Taxes Net Income 5,600,000 5,134,000 3,715,000 3,422,000 1,885,000 1,712,000 588,000 590,000 Cash and Equivalents Accounts Receivable Inventory Total Current Assets 862,000 678,000 1,006,000 730,000 600,000 2,446,000 2,008,000 9,338,000 8,644,000 4,590,000 4,112,000 4.748,000 4.532,000 7,194,000 6,540,000 578,000 70,000 70,000 Plant & Equipment 478,000 446,000 Accumulated Depreciation 749,000 606,000 186,000 182,000 424,000 168,900 127,200 394,100 296,800 Net Fixed Assets Total Assets Liabilities and Owners Equity Accounts Payable Short-term Notes Payable Accrued Expenses Total Current Liabilities Long-term Debt Total Liabilities Common Stock Retained Earnings Total Shareholder's Equity Total Liabilities and Owners' Equity 764,000 540,000 158,000 198,000 318,000 228,000 966,000 2,046,000 1,934,000 3,286,000 2,900,000 1,638,000 ,616,000 2,270,000 2,024,000 3,908,000 3,640,000 7,194,000 6,540,000 I,240,000 The firm has forecasted sales of $6,300,000 and a tax rate of 40% for 2018. Cost of goods sold and S, G&A expense in 2018 are expected to be the average of their two-year proportion of sales. On the balance sheet, accounts receivable, inventory, accounts payable, and accrued expenses are expected to be at the two-year average of the proportion of these items in relation to sales. The firm has planned an investment of $800,000 in fixed assets in 2018, with an estimated life of 10 years and no salvage value. These fixed assets will be depreciated using the straight-line depreciation method. You are to take a full year's depreciation on the new asset in 2018 Assume in developing the Pro Forma Income Statement that the firm pays interest in 2018 at the same level of 2017. Assume that the dividends in 2018 will be $140,000 Trends on Target Inc., a regional fashion apparel retailer, wants to prepare a 2018 Pro Forma Income Statement and a 2018 Pro Forma Balance Sheet using the following 2017 and 2016 data: Trends on Target, Inc. Income Statement For the Periods Ended Dec. 31, 2017 & 2016 Trends on Target, Inc. Balance Sheet As of Dec. 31, 2017 & 2016 2017 2016Assets 2016 Sales Cost of Goods Sold Gross Profit S,G&A Expenses Fixed Expenses Depreciation Expense EBIT Interest Expense Earnings Before Taxs 563,000 Taxes Net Income 5,600,000 5,134,000 3,715,000 3,422,000 1,885,000 1,712,000 588,000 590,000 Cash and Equivalents Accounts Receivable Inventory Total Current Assets 862,000 678,000 1,006,000 730,000 600,000 2,446,000 2,008,000 9,338,000 8,644,000 4,590,000 4,112,000 4.748,000 4.532,000 7,194,000 6,540,000 578,000 70,000 70,000 Plant & Equipment 478,000 446,000 Accumulated Depreciation 749,000 606,000 186,000 182,000 424,000 168,900 127,200 394,100 296,800 Net Fixed Assets Total Assets Liabilities and Owners Equity Accounts Payable Short-term Notes Payable Accrued Expenses Total Current Liabilities Long-term Debt Total Liabilities Common Stock Retained Earnings Total Shareholder's Equity Total Liabilities and Owners' Equity 764,000 540,000 158,000 198,000 318,000 228,000 966,000 2,046,000 1,934,000 3,286,000 2,900,000 1,638,000 ,616,000 2,270,000 2,024,000 3,908,000 3,640,000 7,194,000 6,540,000 I,240,000 The firm has forecasted sales of $6,300,000 and a tax rate of 40% for 2018. Cost of goods sold and S, G&A expense in 2018 are expected to be the average of their two-year proportion of sales. On the balance sheet, accounts receivable, inventory, accounts payable, and accrued expenses are expected to be at the two-year average of the proportion of these items in relation to sales. The firm has planned an investment of $800,000 in fixed assets in 2018, with an estimated life of 10 years and no salvage value. These fixed assets will be depreciated using the straight-line depreciation method. You are to take a full year's depreciation on the new asset in 2018 Assume in developing the Pro Forma Income Statement that the firm pays interest in 2018 at the same level of 2017. Assume that the dividends in 2018 will be $140,000