Balance SheetFor the Year Ended on December $31$AssetsLiabilitiesCurrent AssetsCurrent Liabilities:Cash and equivalents$$150,000$Accounts payable$$250,000$Accounts receivable$400,000$Accrued liabilities$150,000$Inventories$350,000$Notes payable$100,000$Total Current Assets$$900,000$Total Current Liabilities$$500,000$Net Fixed Assets:Long$-$Term Bonds$1,000,000$Net plant and equipment$($cost minus depreciation$)$ $$2,100,000$Total Debt$$1,500,000$Common EquityCommon stock$800,000$Retained earnings$700,000$Total Common Equity$$1,500,000$Total Assets$$3,000,000$Total Liabilities and Equity$$3,000,000$The firm is currently in the process of forecasting sales, asset requirements, and required funding for the coming year. In the year that just ended, Cold Duck Manufacturing Inc. generated $$500,000$ net income on sales of $$14,500,000.$ The firm expects sales to increase by $16\%$ this coming year and also expects to maintain its long$-$run dividend payout ratio of $35\%.$Suppose Cold Duck Manufacturing Inc.$\text{'}$s assets are fully utilized. Use the additional funds needed $($AFN$)$ equation to determine the increase in total assets that is necessary to support Cold Duck Manufacturing Incis expected sales.