6 Question 3 (10 points) Your firm's 2019 sales were $1,500,000. The firm expects sales to increase by 15% in 2020. The firm has $800,000 in cash. The firm has $400,000 in accounts receivable, and $800,000 in accounts payable. The firm has $4,000,000 in net plant and equipment. The firm has $600,000 in inventory. The firm's total current liabilities are $1,200,000; 30% of the current liabilities are made up of notes payable. The firm has an 8% profit margin, and the firm typically pays out 40% of its net income as dividends. The firm is prepared to issue $200,000 in debt to finance the sales expansion. How much equity will the firm issue, if any, to finance the remaining portion of the funds needed? 9 $303,700 $623,700 $503,700 None of the above