CASE 1 (45 points) The most recent financial statements for Maribel Corporation follow. Sales for year 2022 are projected to increase by 12 percent. Tax rate will be 25% in year 2022. The company maintains a constant dividend pay-out ratio. The firm is operating at full capacity Income Statement Sales Cost of goods sold Operating expenses Depreciation Operating income Interest 2021 60 320 580 44997223 944 711 Balance Sheet 2021 Assets Liabilities and Equity 7648994 2703271 Current assets Cash Current liabilities 683 960 Accounts payable 1391 933 4971 092 Accounts receivable Inventory Total CA 1098 445 Notes payable 1609 258 Total C 3178 429 4570361 3391663 Long-term debt 8208102 Fixed assets Net PP&E 26 555 093 Dividends Addition to retained earnings 918 526 2101 260 Shareholder equity Common stock Retained earnings Total equity 29 946 756 599 322 16568971 17168293 Taxable income Taxes Net income 4026 382 1006596 3019 786 Total Assets 29 946 756 Total L&E Instructions: 1.1 Calculate internal and sustainable growth rates. Explain what they mean. (10 points) 1.2 Using the percentage of sales approach, prepare proforma financial statements for year 2022. (20 points) 1.3 Calculate the amount of external financing needed in 2022. What financing options are available for the company? (5 points) 1.4 Assuming that the company operated at 85% capacity in 2021, re-calculate the amount of external financing needed in 2022. (5 points) 1.5 Discuss the role of financial planning. (5 points)