$1.$ Solve every part of the questions given in detail from part a to d$,$ explain every step in detail, how every item is calculated.

$2.$ For the a part, show the EFN formula in detail, how each and every part is calculated in EFN formula and also show the retained earnings formula that would be part of EFN and how it is calculated and also would the retained earnings calculated in b part be the same as the one calculated in the balance sheet$?$

$3.$Also for calculating retained earnings in part b please give a detailed formula and values about how it is calculated

$4.$ Make sure the EFN calculated in part a match part b

The Optical Scam Company has forecast a sales growth rate of $15$ percent for next year. The current financial statements are shown here:

$\backslash$table$[[$Income Statement$],[$Sales$,$$$24,046,000],[$Costs$,21,395,000],[$Taxable income,$ $2,651,000],[$Taxes$,662,750],[$Net income,$ $1,988,250],[$Dividends$,$$ $397,600],[$Addition to retained earnings,$1,590,650],[$Balance Sheet$],[$Assets$,$Liabilities and Owners' Equity$],[$Current assets,$ $7,245,000,$Accounts payable,$ $5,200,000],[,$Long$-$term debt,$ $5,900,000],[$Fixed assets,$19,380,000,,],[,$Common stock,$ $3,100,000],[,$Accumulated retained earnings,$12,425,000],[,$Total equity,$$15,525,000],[$Total assets,$$26,625,000,$Total liabilities and equity,$$26,625,000]]$

a$.$ Using the equation from the chapter, calculate the external funds needed for next year.

b$.$ Construct the firm's pro forma balance sheet for next year and confirm the external funds needed that you calculated in part $($a$).$

c$.$ Calculate the sustainable growth rate for the company.

d$.$ Can the company eliminate the need for external funds by changing it's dividend policy, what options does the company have to meet it's growth objectives