Using the Percent-of-Sales Method, complete the proforma income statement and balance sheet. Calculate the following items as percent of sales for 2022 and 2023, average the percentages and use the average to calculate the items for 2024: 1 Cost of Goods Sold 2 Selling and G&A Expenses 3 Accounts Receivable 4 Inventory 5 Accounts Payable 6 Short-term Notes Payable 7 Other Current Liabilities Depreciation expense: firm plans to buy $50,000 worth of equipment in 2024. The life of equipment is 10 years. Use straight line depreciation method to calculate additional depreciation expense in 2024 Accumulated depreciation: increases by the amount of additional depreciation expense and depreciation expense from last year Interest expense: use 11.7% interest rate and total debt to calculate it (for total debt, combine ST notes payable and LT debt) Tax rate: 40% Fixed expenses and common stock: remain unchanged Once you forecast the items, you'll see that the balance sheet doesn't balance. Why? What do we need to do