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 $ 5,800 Pro forma income statement Sales $ 36,800 Costs 28,060 Net income $ 8,740 Pro forma balance sheet 29,095 Debt $ Equity 29,095 Total Total $ Dividends Add. To RE External financing needed