Consider the 2020 income statement given below. For the 2021 pro forma Income Statement, we have the following assumptions:

Sales will increase by 20 percent.

Tax rate is 25%.

The dividend payouts will increase from 40 percent to 50 percent.

Income Statement 2020 Est. 2021 Sales 1,000

Variable Costs 500

Fixed Costs 160

Tax 85

Net Income 255

Dividends 102

Now consider the company's 2020 Balance Sheet. Our Pro Forma Balance Sheet assumptions for 2021 are: No additional Fixed Assets will be purchased.

2020 Notes Payable will be paid off at the end of that year.

No additional Common Stock will be issued.

Balance Sheet 2020 Est. 2021

Cash 1,000

Accounts Receivable 600

Inventory 800

Plant and Equipment 4,000

Total Assets 6,400

Accounts Payable 500

Notes Payable 500

Long Term Debt 4,000

Total Liabilities 5,000

Common Stock 1,000

Retained Earnings 400

Total Equity 1,400

Calculate the 2021 Income Statement and Balance Sheet projections, completing the above table on the WORKSHEET (round to the nearest dollar for each item) (10 pts.) Calculate the Additional Funds Needed for 2021 based upon the Pro Forma Balance Sheet, entering your answer below (rounded to the nearest dollar) (5 pts.)