3. The most recent financial statements for Summer Tyme, Inc., are shown here: Income Statement Balance Sheet Sales $4,200 Current assets $3,600 Current liabilities $2,100 Costs 3,300 Fixed assets 7,900 Long-term debt 3,650 Taxable income $ 900 Equity 5.750 Taxes (34%) 306 Total $11,500 Total $11,500 Net income $ 594 Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 40 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 15 percent. What is the external financing needed? pxyz Corporation Pro forma Income Statement xyz Corporation Pro forma Balance Sheet Current Liabilities Current Assets Sales A Payable Costs Notes payable Taxable income Total Taxes) Long-term debt Net Income Equity Dividends) Fixed Assets Retained Earnings TOTAL ASSETS TOTAL LIAB & EQUI