J. T. Jarmon, Inc. has been in business for 1 year, and the CFO expects that the relationship between firm sales and its operating expenses, current assets, its assets, and current liabilities will remain at their current proportion of sales. Last year Jarmon had $18,400,000 in sales and net income of $552,000. The firm anticipates that next year's sales will reach $21,160,000, with net income rising to $634,800. Given its present high rate of growth, the firm retains all its earnings to help defray the cost of new investments. The firm's balance sheet for 2018 is shown in the following table: Brigman Industries Inc. BALANCE SHEET 12/31/2018 % OF SALES Current assets $ 2,760,000 15% Net fixed assets 7,360,000 40% Total $10,120,000 LIABILITIES AND OWNERS' EQUITY Accounts payable $ 2,208,000 12% Long-term debt 2,000,000 NAa Total liabilities $5,000,000 Common stock 2,000,000 NA Paid-in capital 2,712,000 NA Retained earnings 1,200,000 Common equity 5,000,000 Total $10,120,000