32 Clanton Company is financed 40 percent by equity and 60 percent by debt. If the firm expects to earn $20 million in net income next year and retain 40% of it, how large can the capital budget be before common stock must be sold? A) $20.0 million B) $12.0 million $50.0 million $8.0 million Last saved 12:33:10 AM 2 Points You're not able to go back to the previous page in this assessment