Calculate the percent Budget on IT based on current gross turnover. Use the pictures to determine if the answer is 12%, 4%, 25% or 300%...explain how you determined the correct answer! Thank you so much, will rate highly!

The Hero Called to Action Financial Statements (continued) June 30 Year X Year X-1 Liabilities and stockholders' equity $26,343,374 $13,333,047 Accounts payable and accrued expenses Net deferred tax liability Notes payable and capital lease obligations Notes payable 41,143,125 14,365,987 6,374,320 $83,443,355 $34,357,218 9,723,003 6,233,853 Total liabilities Commitments and contingencies Stockholders' equity Preferred stock, par value $0.01 per share; 20,000,000 Shares authorized at June 30, Year X; no shares authorized At June 30, YearX-1; no shares issued or outstanding At June 30, Year X or June 30, Year X-1 0 Common stock, par value $0.01 per share; 100,000,000 Shares authorized; 63,543,662 and 56,731,054 shares issued and outstanding at June 30, Year X and Year X-1, respectively 639,780 Additional paid-in capital Retained earnings 531,954 183,572,199 13,269,353 73,488,197 34,320,121 Total stockholders' equity 257,700,176 48,121,428 Total liabilities and stockholders' equity 341,143,531 82,478,646