(Forecasting financing needs) Zapatera Enterprises is evaluating its financing requirements for 2017 . The firm has been in business for only one year, but its CFO predicts that the firm's operating expenses, current assets, net fixed assets, and current liabilities will remain at their current proportion of sales. In 2016, Zapatera had $12 million in sales with net income of $1.2 million. The firm anticipates that next year's sales will reach \$15 million with net income of \$ 2 million. Given its present high rate of growth, the firm retains all of its earnings to help defray the cost of new investments. The firm's balance sheet for the year just ended is as follows: Zapatera Enterprises, Inc. Balance Sheet, December 31, 2016