MINOSO CORPORATION INCOME STATEMENT FOR DECEMBER 31, 2019 (THOUSANDS OF DOLLARS) \begin{tabular}{lr} \hline Sales & $15,000 \\ Operating expenses & 13,000 \\ \hline EBIT & 2,000 \\ Interest & 400 \\ EBT & 1,600 \\ Taxes (40\%) & 640 \\ Net income & 960 \\ Cash dividends (40\%) & 384 \\ Added retained earnings & $576 \\ \hline \end{tabular} BALANCE SHEET AS OF DECEMBER 31, 2019 (THOUSANDS OF DOLLARS) 6. [Multi-Year Financial Statement Projections] The Minoso Corporation anticipates a 20 percent increase in sales for 2020,2021 , and 2022. Minoso is currently operating at full capacity and thus expects to increase its investment in both current and fixed assets in order to support the increase in forecasted sales. The Minoso Corporation's 2019 income and balance sheet statements are given in problem 4. A. Prepare an Excel spreadsheet model that projects the income statement, balance sheet, and statement of cash flows for 2020 prior to obtaining any additional financing. Use a separate AFN long-term financing (liability/equity) account to show the amount of financing needed to make the balance sheet balance. B. Extend your 2020 spreadsheet-based financial statement projections for two additional years (2021 and 2022). What is the total amount of AFN needed over the threeyear period? C. Show how your spreadsheet model projections will change if the AFN from Part B is financed by issuing additional long-term debt at a 10 percent interest rate