ProForma Statements: Consider the following simplified financial statements for the Phillips Corporation(assuming no income taxes:Income statement23,000016,700Net Income 6,300Balance sheet Assets $15,800$15,800$5,200$10,600Phillips has predicted a sales increase of 15%. It is predicted that ever item on the balance sheet will increase by 15% as well. Create the proforma statements and reconcile them. What is the plug variable?
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