13. External Funds Needed The Optical Scam Company has forecast a sales growth rate of 15 percent for next year. The current financial statements are shown here: Income Statement Sales $25,380,000 Costs 21,635,000 $3,745,000 Taxable income Taxes 1,498,000 Net income $2247,000 Dividends $786,450 Addition to retained earnings 1,460,550 Balance Sheet Liabilities and Owners' Equity Assets $ 5,200,000 Current assets $7,200,000 Short-term debt 6,000,000 Long-term debt Fixed assets 17.600,000 $3,200,000 Common stock 10,400,000 Accumulated retained earnings Total equity $13,600,000 Total assets $24,800,000 Total liabilities and equity $24,800,000 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 its dividend policy? What other options are available to the company to meet its growth objectives