Carter Paint Company has plants in four provinces. Sales last year were $100 million, and the balance sheet at year-end is similar in percent of sales to that of previous years (and this will continue in the future). All assets and current liabilities will vary directly with sales. Assume the firm is already using capital assets at full capacity. Balance Sheet (in $ millions) Liabilities and Shareholders' Equity Accounts payable Assets Cash $5 Accounts receivable 9 Accrued wages Inventory 30 Accrued taxes Current assets 44 Current liabilities Capital assets 44 Total assets $88 Long-term debt Common stock Retained earnings Total liabilities and shareholders' equity The firm has an aftertax profit margin of 3 percent and a dividend payout ratio of 20 percent. a. If sales grow by 10 percent next year, determine how many dollars of new funds are needed to finance the expansion. (Do not round intermediate calculations. Enter the answer in millions. Round the final answer to 3 decimal places.) The firm needs $ 9.089 million in external funds. b. Prepare a pro forma balance sheet with any financing adjustment made to long-term debt. (Do not round intermediate calculations. Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity. Enter the answers in millions. Round the final answers to 2 decimal places.) Balance Sheet ($ millions) Liabilities and Shareholders' Equity Accounts payable Accrued wages Assets Cash Accounts receivable Inventory Accrued taxes Current assets Capital Assets Current liabilities Long-term debt Common stock Total assets Retained earnings Total liabilities and shareholders' equity