Consider the following simplified financial statements for the Wims Corporation (assuming no income taxes): points Income Statement Sales $30,500 Costs 23,910 Assets Balance Sheet $23,250 Debt Equity $ 6,750 16,500 Net $ 6,590 Total $23,250 Total $23,250 income The company has predicted a sales increase of 20 percent. Assume the company 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. (Input all amounts as positive values. Do not round Intermediate calculations and round your answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. Assets $ 6 Pro forma income statement Sales $ 35,600 Costs 28,692 Net income $ 7,908 Pro forma balance sheet 27,900 Debt S Equity 27,900 Total ,750 23,090 27,900 Total $ $ What is the external financing needed? (Do not round Intermediate calculations. A negative answer should be indicated by a minus sign.) Answer is complete and correct. External financing needed $ 696