Consider the following simplified financial statements for the Fire Corporation (assuming no income taxes). The company has predicted a sales increase of 15 percent. Assume Fire pays out half of net income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not. Prepare the pro forma statements and determine the external financing needed. Assets $ Income statement Sales $ 32,000 Costs 24,400 Net income $ 7,600 Balance sheet 25,300 Debt Equity 25,300 Total 5,800 19,500 25,300 Total $ $ Sales increase Payout rate 15% 50% Complete the following analysis. Do not hard code values in your answers. Assets Pro forma income statement Sales Costs Net income Pro forma balance sheet Debt Equity Total Total Dividends Add. To RE External financing needed