In $2023,$ the Cencora Company's sales were $$15\mathrm{.}0$ million. Its balance sheet at year end $2023$ is shown below. Cencora's $2024$ sales are expected to be $$24$ million. Earnings after tax is expected to be $8\mathrm{.}0\%$ of sales, and annual dividends of $$675,000$ are expected to be paid in $2024.$ The company presently has excess plant and equipment capacity. As a result, assume that the net fixed asset figure on the balance sheet will remain constant for $2024.$ Assuming that the ratios of assets $($except fixed assets, net$)$ to sales and accounts payable to sales in $2023$ remain the same in $2024.$

Cencora Co$.$ Balance Sheet

$($December $31,2023)($$ millions$)$

Current assets:$$Current liabilities:

Cash$$ $$0\mathrm{.}5$Accts$.$ payable$$$$0\mathrm{.}6$

Accts. Rec.$1\mathrm{.}5$Notes payable$0\mathrm{.}9$

Inventory$2\mathrm{.}5$ Long$-$term debt$2\mathrm{.}3$

Fixed assets, net$1\mathrm{.}5$ Stockholders' equity$2\mathrm{.}2$

Total Assets$$ $$6\mathrm{.}0$ Total Liabilities and Equity$$ $$6\mathrm{.}0$

Question $1.$

Calculate the amount of total financing required for $2024,$ using the percentage of sales method.

Question options:

$$1\mathrm{.}8000$ million

$$1\mathrm{.}245$ million$$

$$2\mathrm{.}340$ million

$$2\mathrm{.}7000$ million

Question $2$

Calculate the amount of external financing required for $2024,$ using the percentage of sales method.

Question options:

$$1\mathrm{.}455$ million

$$1\mathrm{.}095$ million

$$0\mathrm{.}570$ million

$$1\mathrm{.}125$ million

Question $3$

Assuming Cencora plans to raise its external financing exclusively from notes payable, what is the number of notes payable in the pro forma Balance Sheet for $2024?$

Question options:

$$2\mathrm{.}355$ million

$$1\mathrm{.}470$ million

$$2\mathrm{.}025$ million

$$1\mathrm{.}995$ million