A financial manager at Ascot Ltd has gathered the following financial data needed to prepare the Pro Forma Statement of Financial Position as at 31 December 2022, the end of the financial year: - Sales for 2022 is estimated to be R6 000000 . Sales for 2021 amounted to R4000000 The business maintains a cash balance of R160 000. - Inventories, Accounts receivable and Accounts payable will be maintained at the same percentage of sales as for 2021 - A new vehicle and equipment with a combined cost price of R2 000000 will be purchased during 2022. An old vehicle with a cost price of R200 000 and accumulated depreciation of R150000 is expected to be sold at carrying value on 31 December 2022. Total depreciation for 2022 is expected to amount to R800 000 . - 40000 ordinary shares will be offered for sale during August 2022 at R4 per share. - The business predicts a net profit margin of 10%. - The directors are expected to propose a final dividend of R400 000, payable during 2023. - An amount of R320 000 is expected to be paid to Sabre Bank, the non-ourrent lender, during 2022. This amount includes interest on loan of R120000. - The amount of non-current extemal funding required must be calculated. \begin{tabular}{|l|r|} \hline Accounts receivable & 800000 \\ \hline Cash and cash equivalents & 140000 \\ \hline Total assets & 5740000 \\ \hline & \\ \hline EQUITY AND LIABILITIES & 2000000 \\ \hline Equily & 1100000 \\ \hline Ordinary share capital & 900000 \\ \hline Retained earnings & 1000000 \\ \hline Non-current liabilities & 1000000 \\ \hline Long-term loan: Sabre Bank & 2740000 \\ \hline Current liabilities & 2740000 \\ \hline Accounts payable & 5740000 \\ \hline Total equity and liabilities & \\ \hline \end{tabular}