7. Next year, National Beverage Company will increase its plant, property, and equipment by $4,000,000 with a plant expansion. The inventories will grow by 30%, accounts receivable will grow by 20%, and marketable securities will reduce by 50% to help nance the expansion. Assume all other asset accounts will remain the same and the company will use long-term debt to nance the remaining expansion costs {no change in common stock or retained earnings). Using this information and the following balance sheet for National Beverage Company for 2013, prepare a pro forma balance sheet for 2014. How much additional debt will the company need using this pro forma balance sheet? National Beverage Company Balance sheet for the ear endin December 31, 2013 ASSETS LIABILITIES Current Assets: Current liabilities Cash 2,440,000 Accounts payable 5,622,000 Marketable securities 1,555,000 Other current liabilities 3,268,000 Accounts receivable 2,704,000 Total current liabilities 8,890,000 Inventories 1,541,000 Long-term liabilities Total current assets 8,441,000 Long- term debt 1,314,000 Long-term assets 2,839,000 PPE 13,585,000 4,153,000 Goodwill 1,403,000 13,043,000 Intangible assets 5,433,000 OWNER'S EQUITY Total lung-term assets 21,522,000 Common stock 6,861,000 Retained earnin 10,059,000 16,920,000 TOTAL ASSETS 29,963,000 TOTAL LIABILITIES $ 29,903,000