Comparative income statements and balance sheets for Coca-Cola are shown below ($ millions) Income Statement Year 2 Year 1 Revenues Net Sales $20,092 19,889 Cost of Sales 6,044 6,204 Gross Profit 14,048 13,685 Selling, general, and administrative 7,893 9,221 Deprication and amortization expense 803 773 Interest expense (revenue) (308) 292 Income Before tax 5,660 3,399 Income tax expense 1,691 1,222 Net Income 3,969 2,177 outstanding shares 3,491 3,481 Balance sheet Cash $1,934 1,892 Accounts receivable 1,882 1,757 Inventories 1,055 1,066 other current assets 2,300 1,905 Total Current Assets $7,171 6,620 Plant & equipment, at cost 7,105 6,614 Accumulated Depreciation 2,652 2,446 Net property plant and equipment 4,453 4,168 Other long term assets 10,793 10,046 Total Assets $22,417 20,834 Liabilities and Equity Account Payable $3,679 3,905 Short term debt & Current maturities on long term debt 3,899 4,816 Income tax liabilities 851 600 Total current liabilities $ 8,429 9,321 Deferred income taxes & other liabilities 1,403 1,362 Long term debt 1,219 835 Total other liabilities $ 2,622 2,197 Shareholder's Equity Common Stock 873 870 Capital surplus 3,520 3,196 Retain Earnings 20,655 18,543 Treasury stock 13,682 13,293 Total Shareholders' Equity 11,366 9,316 Total Liabilities and shareholders' equity $22,417 $20,834 a. Use the following ratios to prepare a projected income statement, balance sheet and statement of cash flows for year 3. Sales Growth 1.02 % Gross profit margin 69.92 % Selling, general and administrative expense/sales 39.28 % Depreciation expense/ Prior year PPE gross 12.14 % Interest expense/Prior year long-term debt 5.45 % Income tax expense/Pretax income 29.88 % Accounts receivable turnover 10.68 Inventory turnover 5.73 Accounts payable turnover 1.64 Taxes payable/Tax expense 50.33% Total assets/Stockholders equity 2.06 Dividends per share $1.37 Capital expenditures/Sales 5.91 % b. Based on your initial projection, how much external financing (long-term debt or stockholder's equity will Coca Cola need to fund its growth at projected increases in sales?