Problem 1: Creating Proforma Financial Statements A pro forma Income Statement for Monroe Products Co. is displayed b Monroe Products Company Income Statements, 2019 and Pro Forma 2020 Years Ended December 31st 2019 Actual 2020 Forecast Net Sales $ 1,000,000 $ 1,250,000 Cost of Goods Sold 800,000 1,000,000 Gross Profit $ 200,000 $ 250,000 Operating Expenses 100,000 125,000 Depreciation Expense 50,000 62,500 Operating Income (EBIT) $ 50,000 $ 62,500 Interest Expense 10,000 12,500 Taxable Income $ 40,000 $ 50.000 Income Tax Expense 15,000 18,750 Net Income $ 25,000 S 31,250 Use the information given to construct the Pro Forma Balance Sheet f a) Sales growth is projected to be 25% in 2020, and Current Assets is d) Given all the above information, What is Monroe Products' projecte Current Assets $ 500,000 $ 625,000