Table 47 The income statement and balance sheet for the 22 Mattress Co. for the year ended December 31. 2018 follow Income Statement ZIZ Mattress Company For the Year Ended December 31, 2015 Sales SEO Le Cost of ads sold 195 Gross proti S205.000 Les Selling experte 401 Gental and administrative expense 11 Les Depreciation TO Operating probit 544/000 Les Interest 12. Net profit befor taxes S32 Less Taxes (1) 12 S 19 Balance Sheet ZZZ Mattress Company December 31, 2018 Cash Accounts receivable Inventory Total current assets Net plant and equipment Total assets 5130 AKU 9500 SI56300 SIS SX500 Ilabilities and Equities Accounts payable Notes payable Accruals Total current liabilities Long-term debts Stockholders equity: Common stock Retained earnings Total liabilities and equities $.45.500 55.000 SAXO S105300 55.00 $ 71.4 23.100 $26.500 The ZZZ Mattress Co. has been requested by the 1st National Bank, a major creditor, to prepare a pro forma balance sheet for the year ending December 31, 2019. Using the percent of sales method and the following financial data, prepare the pro forma income statement and balance sheet and discuss the resulting external financing required. (See Table 4.7) 2019 sales are estimated at $300,000 Accounts receivable represent 20 percent of sales A minimum cash balance of 51.650 is maintained Inventory represents 32 percent of sales Fixed-asset outlays in 2019 are $20,000. Total depreciation expense for 2019 will be $15,000 Accounts payable represents 15 percent of sales Notes payable and accruals will remain the same No long-term debt will be retired in 2019. No common stock will be repurchased in 2019. The firm will pay dividends equal to 50 percent of its earnings after tanes