1) Consider the simplified financial statement for the Fire Corporation. The company has a predicted sales increase of 15%, and pays out pays out half of its net income in the form of cash dividends. Costs and assets vary with sales, but debt and equity do not. Prepare a proforma income statement and balance sheet, and determine the external financing needed. FIRE CORPORATION FIRE CORPORATION Balance Sheet Income Statement Assets $ 25.300 Sales $ 32,000 TOTAL ASSETS $ 25.300 Costs $ 24.400 Net Income $ 7,600 Debt $ 5,800 Dividends $ 3,800 Equity $ 19,500 Retained Earnings $ 3,800 Retained Earnings TOTAL LIAB & EQUITY $ 25.300 $