(Financial forecasting-discretionary financing needs) J. T. Jarmon, Inc. has been in business for only 1 year, and the CFO expects that the relationship between firm sales and its operating expenses, current assets, net fixed assets, and current liabilities will remain at their current proportion of sales. Last year, Jarmon had $12 million in sales and net income of $1.20 million. The firm anticipates that next year's sales will reach $15.000 million, with net income rising to $1.32 million. Given its present high rate of growth, the firm retains all its earnings to help defray the cost of new investments. Using the information provided, make an estimate of Jarmon's financing requirements or total The firm's balance sheet for 2018 is found in the popup window: assets for 2019 and its discretionary financing needs (DFN). What are Jarmon's financing requirements or total assets for 2019? (Round to the nearest dollar.) What are Jarmon's discretionary financing needs (DFN) for 2019? (Round to the nearest dollar.) Data table (Click on the following icon in order to copy its contents into a spreadsheet.) J. T. Jarmon, Inc. BALANCE SHEET 12/31/2018 % OF SALES Current assets $3,000,000 25% Net fixed assets 6,600,000 55% Total $9,600,000 LIABILITIES AND OWNER'S EQUITY $2,400,000 20% Accounts payable Long-term debt 1,400,000 NA Total liabilities $3,800,000 Common stock 1,000,000 Paid-in capital 3,600,000 Retained earnings 1,200,000 Common equity 5,800,000 Total $9,600,000 "Not applicable. This figure does not vary directly with sales and is assumed to remain constant for purposes of making next year's forcast of financing requirements. Print Done - X