Case 2 (30 points) The most recent financial statements for Mayflower Corporation follow. Sales for 2020 are projected to increase by 15 percent. Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant dividend payout ratio. The firm is operating at full capacity and no new debt or equity is issued. 2019 Income Statement Balance Sheet as at 31 December 2019 Sales 7,900 Current assets 3.900 Current liabilities 2,100 Costs 5,500 Fixed assets 8,600 Long-term debt 3.700 Taxable income 2,400 Equity 6,700 Taxes (25%) 600 Total assets 12,500 Total liabilities & equity 12,500 Net Income 1,800 Dividends 720 (1) Prepare Proforma Income Statement for 2020. Calculate Dividends and Addition to retained earnings for 2020. (10 points) (2) Prepare Proforma Balance Sheet for 2020. (10 points) (3) Calculate the amount of external financing needed to support the 15 percent growth rate in sales. (5 points) (4) Discuss the role of financial planning. (5 points)