Using the excel spreadsheet template provided, prepare the following financial schedules and financial statements: 1. Opening Balance Sheet as at December 31, 2019. (Chapter 10 Table 10.4 & 10.5) Note: this will include what you have to start your business 2. Monthly cash flow projections for the twelve months (January 2020 to December 2020) Note: complete monthly cash flow projections first, then determine the sale price and number of pink widgets required to calculate a positive cash flow in the first year or operation. (Tbl 10.6 & 10.7) 3. Loan Amortization Schedule 4. PPE Amortization Schedule 5. Pro forma income statement for the period ended December 31, 2020. (Tbl 10.8 & 10.9) 6. Pro forma balance sheet at December 31, 2020 To start Widget Co., you invest $75,000 cash and a computer valued at $4,000 (as at Dec. 31, 2019). The estimated life of the computer is 5 years. Reminder: As a Sole Proprietor, these assets would be considered Owners Equity on your Opening Balance Sheet. Additional information: The 5,000 sq ft factory leased cost is $15 per square feet triple net. Triple net cost are $10 per square feet. Equipment required for manufacturing pink widgets is purchased on January 1, 2020 and installed February 1, 2020. The cost is $20,000. Widget Co. will pay $5,000 in cash and secure financing for the remaining $15,000. The loan terms are 8% for a 10-year loan. The Equipment is expected to last 10 years. Note: The PMT Function under Formulas in Excel should be used to calculate the monthly repayment. Production will start February 1, 2020 and the pink widgets will be ready to ship mid-month. Widget Co will have: o an annual advertising budget of $30,000 o annual administration wages are $40,000 o variable wages of $2 per widget (including benefits) o material cost of $3 per widget o annual business insurance is $2,000. Insurance policy is from Jan 2020 Dec 2020 o annual utilities costs are $10,000. Note the cost is higher in the winter months. o monthly internet and phone cost are $200 o monthly vehicle lease is $400 per month, anticipated annual fuel cost is $4,000 o Initial website development cost is $2,000 paid January 1, 2020 with an estimated life of 5 years. Subsequent monthly web hosting fees are $100.