Forecast 2018 $2,750 Universal Products Co. Financial Statements, 2017 and Pro Forma 2018 (s thousands) INCOME STATEMENT BALANCE SHEET Actual Forecast Actual 2017 2018 2017 Sales $5,000 $5,500 Current assets $2,500 Cost of goods sold 4,000 4,400 Net fixed assets 2.000 Operating expense 500 550 Total assets $4,500 Depreciation expense 250 260 Interest expense -50 50 Current liabilities $1,050 Earnings before tax 200 240 Long-term debt 500 Tax 70 84 Owners' equity 2,950 Net income $130 $156 Total liabilities & equity $4.500 $1,155 500 You are tasked with projecting Universal Product's pro-forma financial statements in 2018. The firm's financial statement for 2017 is provided above. If the firm is planning to invest $250,000 in fixed assets next year. The firm also plans to maintain its dividend policy with a retention ratio of 75%. Estimate the firm's external funding required amount in 2018. Show your calculation steps