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LUKE’S HOLIDAY SUPPLIES, INC.Pro Forma Statements ProblemA) 1. Income Statement BalanceSheet Year Ended2018 12/31/18 Sales $12,520 Cash $ 110 Cost of Goods Sold 9,698 Marketable Securities 360 GrossProfit 2,882 Accounts Receivable 2,220 Expenses 1.594 Inventory 3,210 Earnings Before Interest and Tax 1,228 Total Current Assets 5,900 Interest 278Earnings BeforeTax 950 Property/Plant/Equipment 4,730 Tax(40%) 380 Accumulated Depreciation 680 NetIncome 570 Net Fixed Assets 4,050 Total Assets $ 9,950 AccountsPayable $1,020 Notes Payable 950 AccruedExpenses 610 AccruedTax 450 Total Current Liabilities 3,030 Long Term Liabilities 2,500 Total Liabilities 5,530Common Stock – no par 2,000Retained Earnings 2,420 TotalEquity 4,420 Total Liabilities and Equity $9,950Based on the 2018 Financial Statements above, compute ProForma’s for 2019 using the percent of sales method using thefollowing assumptions:24.6% growth rate in sales,Tax rate remains at 40%, andDividend payout remains at $450