In your accounting course, you learned about the income statement that provides a record of what led to net income for the year. Just as you might develop a forecast of the future year's budget, financial professionals forecast future income by developing a one-year forecast of the firm's income statement, more commonly known as the pro forma income statement. Taken together with assumptions about future assets, liabilities, and retained earnings, one can estimate future long-term financing needs for the corporation.For this Assignment, complete Problems 17-7 (one year pro forma statement) and 17-8 (total liabilities estimation and forecast of long-term debt financing need) in your course text. In addition, provide two or more suggestions on what Ambrose Inc. could do to reduce the forecasted debt financing (the managerial part of financing). Be sure to provide rationales as to why your suggestions will be effective in reducing the forecasted debt financing need.Your Assignment, will typically be 2–3 pages in length as a general expectation/estimate. Refer to the rubric for the Week 6 Assignment for grading elements and criteria. Your Instructor will use the rubric to assess your work.MUST INCLUDE 2-3 PAGE PAPER AND EXCEL SHEET (PLEASE REVIEW RUBRIC CAREFULLY TO ENSURE THAT ALL CALCULATIONS ARE INCLUDED)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!AUTHENTIC WORK ONLY!!!!!!!!!!! DO NOT COPY AND PASTE THE ASSIGNMENT INTO THE PAPER AND DO NOT COPY REFERENCES FROM OTHER SITES, PAPERS OR REFERENCES !!!!!!!!!!!!!!!!!!!!NEED ASAP !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ATTACHMENTS