In 2020, Indian Asian Symphony (IAS) had total sales of $35 million and earned $3.00 per share, paying dividends of $1.00 per share. There are 1 million shares currently outstanding with the 2020 year-end balance sheet as shown below: 2021 Indian Asian Symphony Consolidated Balance Sheet (at year-end in thousands of dollars) 2020 Assets Cash 4,800 Accounts Receivable 2,800 Inventory 3,400 Gross Fixed Assets 25,000 Less: Accumulated Amortization (8,000) Net Fixed Assets 17,000 Total Assets $28,000 Liabilities and Equity Accounts Payable Accrued Wages Notes Payable Long-Term Debt (5% interest) Common Shares Retained Earnings Total Liabilities and Equity 2,400 4,300 1,500 8,200 3,400 Required: a) Forecast the 2021 balance sheet for IAS assuming that the Sales will grow by 15%, tax-rate is 25% for both years, COGS unchanged from 70% and the EBIT % & dividend payout ratios will remain the same as in 2020, commenting on the financing needed, if any. (16 marks) b) Based on the forecast balance sheet, will IAS' long-term debt to equity ratio worsen or improve in 2021? Explain. (4 marks)