Using the data in the student spreadsheet file Ethan Allen Financials, forecast the June 30,2019 income statement and balance sheet for Ethan Allen. Use the percent of sales method and the following assumptions:(1) Sales in FY 2019 will be $761.20;(2) The tax rate will be 25%;(3) Each item that changes with sales will be the five-year average percentage of sales;(4) Property, Plant & Equipment - Gross will increase to $675; and(5) The dividend will be $0.90 per share. Use your judgment on all other items.What is the DFN in 2019? Is this a surplus or deficit?Can you please make a spreadsheet with all the formulas displayed? Then we compute for the costs that pertains to the sale of $761.20. First we prepare the projectedstatement with the pro forma statement.We then compute for the sustainable growth to be used n making our projected income statement basing onthe pro-forma column:Then the projected Income statement is calculated as shown previously with a %change of 1%. Afterpreparing the Income statement, the projected balance sheet can now be prepared. The cash balance iscomputed showing the Statement of Cash Flow as shown below:After preparing the projected balance sheet, the DFN is computed by deducting Total Liabilities and Equityfrom Total Assets that shows a $800.19 million deficit.