Munson Communications Company has just reported earnings for the year ended June 30, 2011. Below are the firms income statement and balance sheet. The Company had a 55 percent dividend payout ratio for the last 10 years and does not plan to change this policy. Based on internal forecasts, the company expects the demand for its products to grow at a rate of 16 percent for the next year and has projected the sales growth for 2012 to be 16 percent. Assume that equity accounts and long-term debt do not vary directly with sales, but change when retained earnings change or additional capital is issued.