Model Corp.'s most recent balance sheet and income statement are given below (all numbers in $ million): Assets Cash 26 Accounts receivable 52 Inventory Current assets 156 Machinary 104 Total assets 260 78 Liabilities and Equity Accounts payable 78 Current liabilities 78 Long-term debt 104 Total liabilities 182 Equity Total liab. & equity 260 78 140 84 28 Income statement Sales Costs Depreciation EBIT Interest Taxable income Taxes Net income 28 5.2 22.8 7.752 15.05 Sales, assets and costs (including depreciation) are expected to grow by 34% next year, while the tax rate and long-term debt will stay constant. The company will pay out 60% of net income as dividends next year. Part 1 TE Attempt 1/10 for 10 pts. Using the percentage of sales method, what will be the net income next year (in $ million)? 1+ decimals Submit Part 2 IB Attempt 1/10 for 10 pts. Using the percentage of sales method, what should be the book value of equity by end of next year as a result of net income and dividend payout before any EFN is funded (in $ million)? 1+ decimals Submit Part 3 IB Attempt 1/10 for 10 pts. What is the external financing needed (EFN) for next year (in $ million)? 1+ decimals Submit