4-1. Franklin Enterprises is evaluating its financing requirements for 2015. The firm has only been in business for one year, but its CFO predicts the firm's operating expenses, current assets and net fixed assets will remain at their current proportions of sales. Spontaneous liabilities will vary as a percentage of sales. Last year, Franklin Enterprises had $12 million in sales with net income of $1.2 million. The firm anticipates that 2015's sales will reach $15 million with net income rising to $2 million. Given its present high rate of growth, the firm will retain all of its earnings to help defray the cost of new investments. The firm's most recent balance sheet follows. 2015 % of Sales Sales Net Income 12/31/2014 $12.000.000 1,200,000 Current Assets Net fixed assets Total 3,000,000 6,000,000 $ 9,000,000 Liabilities and Owner's Equity Accounts payable Accrued expenses Long-term debt Total Liabilities Common stock Paid-in capital Retained earnings Common equity Total $2,000,000 $1,000,000 2,000,000 5,000,000 1,000,000 1,800,000 1,200,000 4,000,000 $9,000,000 . 4-la. Estimate Franklin Enterprises' financing requirements (i.e., total assets) for 2015. 4-1b. Estimate Franklin Enterprises' external financing needs for 2015