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Lasso Corp. wants to forecast for 2020.  The end of year statements for 2019 are as follows:...

Lasso Corp. wants to forecast for 2020.  The end of year statements for 2019 are as follows:

Income Statement

Revenues                      $245,622

COGS                           - 142,461

Gross Profits                 103,161

Expenses                        - 49,124

EBIT                                 54,037

- Interest                         -  9,642

EBT                                  44,395

-Taxes                              -7,991

EAT                                  26,637

Balance Sheet

  Current Assets            $179,304    Current liabilities          $85,700

Fixed Assets                 $140,930    Long-term debt             78,180

Total Assets                  $320,234    Total liabilities              $163,880

Equity                           $156,354

Total Liabilities

& Equity                       $320,234

Management expects the following for 2020:

An 8% increase in revenues; COGS will increase by 2% from its current percent of sales. Expenses will stay at the same percent of sales;  Current assets will also stay at their same percent of sales. Fixed assets will increase by $18,000 ; All interest will be paid at a 12% interest rate and will only be on long-term debt, which is not expected to change;  the tax rate is expected to stay at the same rate. No dividends are paid and any shortfalls should be made up in current liabilities.

Prepare a forecasted income statement and balance sheet for 2020.  Work to the nearest dollar.

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