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n the financial planning model, the external financing needed (EFN) as shown on a pro forma balance sheet is equal to the changes in assets:

n the financial planning model, the external financing needed (EFN) as shown on a pro forma balance sheet is equal to the changes in assets: minus the changes in liabilities. plus the changes in liabilities minus the changes in equity. minus the change in retained earnings. plus the changes in both liabilities and equity. minus the changes in both liabilities and equity.

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