Financial Modeling Question is worth 40 points. 1. Balance sheet and income statements for the most recent two years (2020-2021) are provided for JPX Inc. in the attached Excel spreadsheet file (sheet Q1). The target sales growth rate for 2022, company tax rate, interest rate on borrowing, and dividend payout ratio are also provided in the Assumptions. Additionally, information on several relevant financial variables are provided. a) Estimate Free Cash flows for year 2021. b) A partially complete forecasted balance sheet and income statement for 2022 is provided. Operating assumptions based on percent sales method are provided. Assume that any new external financing needed (AFN) in 2022 will be obtained by a line of credit with the debt being added end of the year. Therefore, interest payment is to be calculated based on debt outstanding at the end of the previous year. Using he percent sales method, complete the missing items in the 2022 forecasted balance sheet and income statement and estimate the AFN needed. c) Conduct a Dupont Analysis for the years 2020-2022. Financial Modeling Question is worth 40 points. 1. Balance sheet and income statements for the most recent two years (2020-2021) are provided for JPX Inc. in the attached Excel spreadsheet file (sheet Q1). The target sales growth rate for 2022, company tax rate, interest rate on borrowing, and dividend payout ratio are also provided in the Assumptions. Additionally, information on several relevant financial variables are provided. a) Estimate Free Cash flows for year 2021. b) A partially complete forecasted balance sheet and income statement for 2022 is provided. Operating assumptions based on percent sales method are provided. Assume that any new external financing needed (AFN) in 2022 will be obtained by a line of credit with the debt being added end of the year. Therefore, interest payment is to be calculated based on debt outstanding at the end of the previous year. Using he percent sales method, complete the missing items in the 2022 forecasted balance sheet and income statement and estimate the AFN needed. c) Conduct a Dupont Analysis for the years 2020-2022