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Larime Corp. is forecasting 20X2 near the end of 20X1. The estimated year-end financial statements and a worksheet for the forecast are given below. Management expects the following next year An 7% increase in revenue. Price cutting will cause the cost ratio (COGS/sales) to deteriorate (increase) by 1% (of sales) from its current level. Expenses will increase at a rate that is three quarters of that of sales. The current accounts will increase proportionately with sales. Net fixed assets will increase by $6 million. All interest will be paid at 12% Federal and state income taxes will be paid at a combined rate of 43%. Make a forecast of Larime's complete income statement and balance sheet. Enter your dollar answers in thousands. For example, an answer of $12 thousands should be entered as 12, not 12,000. Round percentage values to 1 decimal place. Enter all amounts as a positive numbers. Larime Corp. Projected Income Statement ($000) 20X1 20X2 $ $ Revenue $255,746 100.0 100.0 147,546 57.7 COGS Gross $108,200 42.3 Margin 45,784 17.9 Expenses BIT $62,416 24.4 Interest 9,577 3.7 (12%) $ T $52,839 20.7 Inc Tax 22,721 8.9 (43%) Net Income$30,118 $ 11.8 Larime Corp. Projected Balance Sheet ($000) LIABILITIES & ASSETS EQUITY 20X1 20X2 20X1 20X2 C/A $178,940 $ C/L $83,487 $ 140,648 F/A Debt 79,450 Total $319,588 $ Equity 156,651 $319,588 $ Total