As a new financial analyst, Hannah has been asked to calculate her company discretionary financing needed for the next year. To begin the analysis, Hannah calculates the forecasted income statement for the next year and the projected total assets. Which additional information does Hannah need to calculate the discretionary financing needed?

1. Historical income statement and historical total assets.
2. Historical discretionary financing needed.
3. Projected cost of capital in projected firm credit rating
4. Projected total liabilities and projected owners' equity