Baldwin Products Company anticipates reaching a sales level of $6.45 million in one year. The company expects earnings after taxes during the next year to equal $390,000. During the past several years, the company has been paying $50,000 in dividends to its stockholders. The company expects to continue this policy for at least the next year. The actual balance sheet and income statement for Baldwin during Year 1 follow Baldwin Products Company Balance Sheet as of December 31, Year 1 Cash $ 190,000 Accounts payable $ 600,000 Accounts Receivable 350,000 Notes payable 100,000 Inventories 510,000 Long-term Debt 200,000 Fixed assets, net 1,200,000 Stockholders' equity 1,350,000 Total assets $2,250,000 Total liabilities and equity $2,250,000 Income Statement for the Year Ending December 31, Year 1 Sales $4,300,000 Expenses, including interest and taxes 4,200,000 Earnings after taxes 100,000 a. Using the percentage of sales method, calculate the additional financing Baldwin Products will need over the next year at the $6.45 million sales level. Show the pro forma balance sheet for the company as of December 31, Year 2, assuming that a sales level of $6.45 million is reached. Assume that the additional financing needed is obtained in the form of additional notes payable. Round your answers to the nearest dollar. Additional Financing Needed: $ Pro Forma Balance Sheet as of Dec. 31, Year 2 Assets Labilities $ Accounts Payable Cash Accounts Receivable Inventories Fixed Assets, net Notes Payable Long-term Debt Stockholders' equity $ Total abilities and Total Assets Stockholders' Equity