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Drones Inc. is evaluating its financing requirements for the coming year, 2022. The firm has only been in business for one year, but its CFO predicts that the firm's operating expenses, current assets, net fixed assets, and current liabilities will remain at their current proportion of sales. Last year (2021) Drones Inc. had $10 million in sales with a net income of $1 million. The firm anticipates that next year's sales will reach $14 million with net income rising to $1.5 million. Given its present high rate of growth, the firm retains all of its earnings to help defray the cost of new investments. The firm's balance sheet for the year just ended is as follows: Balance Sheet 2021 % of Sales Current assets 25% $2,500,000 $5,000,000 50% Net fixed assets Total Assets Liabilities and Owners' Equity $7,500,000 Accounts payable $2,500,000 25% Long-term debt $1,500,000 $4,000,000 Total liabilities Common stock $950,000 Paid-in capital Retained earnings Common equity $1,550,000 $1,000,000 $3,500,000 Total $7,500,000 a) Estimate Drones Inc. total financing requirements (total assets). [ 5 marks]