Forecasted Statements and Ratios Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them set up their new computers. Upton's balance sheet as of December 31, 2021, is shown here (millions of dollars): Cash $ Receivables Inventories Total current assets Net fixed assets % $ 3.5 Accounts payable 26.0 Notes payable 58.0 Line of credit $87.5 Accruals 35.0 $9.0 18.0 Total current liabilities Mortgage loan Common stock Retained earnings Total liabilities and equity Total assets $122.5 $122.5 Sales for 2021 were $500 million, and net income for the year was $15 million, so the firm's profit margin was 3.0%. Upton paid dividends of $6 million to common stockholders, so its payout ratio was 40%. Its tax rate was 25%, and it operated at full capacity. Assume that all assets/sales ratios, (spontaneous liabilities)/sales ratios, the profit margin, and the payout ratio remain constant in 2022. Do not round intermediate calculations. 8.5 $35.5 6.0 15.0 66.0 a. If sales are projected to increase by $80 million, or 16%, during 2022, use the AFN equation to determine Upton's projected external capital requirements. Enter your answer in millions. For example, an answer of $10,550,000 should be entered as 10.55. Round your answer to two decimal places. million b. Using the AFN equation, determine Upton's self-supporting growth rate. That is, what is the maximum growth rate the firm can achieve without having to employ nonspontaneous external funds? Round your answer to two decimal places. 4

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emputers. Upcon's balatce shert as of Decenter 31, 2021; is thown bere (minisen of dollars); calcuatians. 1 naition antwer to two ibcimal places. 2021. What a the amsunt of the line of ciede reponted on the 2022 forecasted balance sheets? (hint: Vou den't need to focecast the income statements because the line of credit is takin out on the last doy of