Karak Manufacturing Company produces and sells different types of Air Conditioning since 2001. The following information related to company's financial statements for 2020:

Karak Manufacturing Company / Income Statement 31/12/2020
Sales Revenues	JOD 929,000
Cost of Goods Sold	JOD 723,000
Gross Profit	JOD 206,000
Other Expenses	JOD 19,000
EBIT	JOD 187,000
Interest Expenses	JOD 14,000
EBT	JOD 173,000
Tax	JOD 60,550
Net Income	JOD 112,450
Addition to Retained Earnings	70%

Karak Manufacturing Company / Balance Sheet 31/12/2020
Assets		Liabilities & Owners' Equity
Cash	JOD 25,300	Notes payables	JOD 17,000
Accounts receivables	JOD 40,700	Accounts payables	JOD 68,000
Inventory	JOD 86,900	Long term debt	JOD 158,000
Net fixed assets	JOD 413,000	Common stocks	JOD 140,000
		Retained earnings	JOD 182,900
Total assets	JOD 565,900	Total liabilities & O.E	JOD 565,900

The General Manager (GM) of the company was studying the current financial statements in order to plan for year 2021. The GM projected that sales will grow by 20% next year. The GM of the company could not determine if the company needs extra financing, so he asked you (as a Financial Director) to:

1. Prepare Pro Forma financial statements, knowing that the tax rate and the dividend payout rate will remain constant. Costs, other expenses, current assets, and accounts payable will increase naturally with sales.

2. Determine the external financing needed to support the 20% growth rate knowing that the company was operating at full capacity and no new debt or equity was issued.