As a CFO of a firm, you are responsible to forecast for the next fiscal year. Currently firm's sales is RM3 million and the net income is RM0.5 million and its current assets and fixed assets of 410,000 and RM1,150,000. Currently the firm has an account payable of RM450,000, long term debt of RM350,000, common stock of RM310,000 and its retained earnings are RM450,000. You expected the sales to increase to RM4 million and firm plans to pay RM0.25 million as dividends for the next year. Required: a) Construct a projected balance sheet for the next year. (12 marks) b) Do you think your firm should borrow from the bank? Explain. (3 marks) As a CFO of a firm, you are responsible to forecast for the next fiscal year. Currently firm's sales is RM3 million and the net income is RM0.5 million and its current assets and fixed assets of 410,000 and RM1,150,000. Currently the firm has an account payable of RM450,000, long term debt of RM350,000, common stock of RM310,000 and its retained earnings are RM450,000. You expected the sales to increase to RM4 million and firm plans to pay RM0.25 million as dividends for the next year. Required: a) Construct a projected balance sheet for the next year. (12 marks) b) Do you think your firm should borrow from the bank? Explain