Mansfield Corporation had 20X1 sales of $ 100 million. Percent of sales Cash Accounts receivable Inventory Net fixed assets Accounts payable Accruals. 5% 15% 20% 40% 15% 10% Profit margin after taxes 10% The dividend payout rate is 50 percent of earnings, and the balance in retained earnings at the end of 20X1 was $33 million. Notes payable are currently $7 million. Long-term bonds and common stock are constant at $5 million and $10 million, respectively. Sales are expected to increase 15 percent in the year 20X2. A. REQUIRED: Use the Percent-of-Sales method to calculate Required New Funding (RNF) to finance the sales growth, assuming the company is operating at full capacity. Show 5 steps seen in class, with detailed calculations for change in retained earnings. Begin here