Borbee Enterprises had sales of $16.8M last year and a 14% net profit margin. Its current asisets were $14.4M and currem liabilities were $8.4M; both are variable with sales. Their fixed assets of $31.6M were used at full capacity. Betbee has \$14.6M in long-term debt outstanding and has equity of $23.0M. They typically pay out 40% of their earnings as dividends. Sales are projected to increase by 15%. a. What are Borbee's external financing needs for the coming year? (20 points) b. Briefly discuss the options available to Borbee to generate the additional funds necessary. How might each of these options affect firm value? ( 9 points) c. Answering in words only, how would you expect their financing needs to change if fixed assets had been used at only 50% capacity in the previous year? Explain. (4 points)