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Ivan Industries, Inc (13) had net income of $210,000 two years ago, $228,000 last year and $245,000 in the current fiscal year. 3 expects sales

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Ivan Industries, Inc (13) had net income of $210,000 two years ago, $228,000 last year and $245,000 in the current fiscal year. 3 expects sales and net income to grow at this historical growth rate (annual growth rate over the last two years) indefinitely. Further, 13 expects current assets and current liabilities to vary directly with sales, but not any other assets, liabilities or owner's equity. Also, in the last fiscal year 13 reported $150,000 in cash, $50,000 in accounts receivable, $120,000 inventory, $240,000 in long-term debt, $1,500,000 in total assets and has a quick ratio ((CA-inventory)/CL) of 1.06. Additionally, 13 expects to borrow an additional $200,000 to upgrade its corporate headquarters. 13 pays out 40% of its income in the form of dividends and expects to repurchase $40,000 in stock next year. What does I3 expect to report for net income and owner's equity next year? What is 3 s additional external financing needed next

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