only 1.3 please

The most recent financial statements for Michel Corporation follow. Sales for year 2022 are projected to increase by 12 percent. Tax rate will be 25% in year 2022. The company maintains a constant dividend pay. out ratio. The firm is operating at full capacity Income Statement Sales Cost of goods sold Operating expenses Depreciation Operating income Interest Taxable income Taxes Net income Dividends Addition to retained earnings 2021 40 670 530 30 338 915 5 157 255 1 822 652 3351 708 636 962 2 714 746 678 687 2 036 059 619 307 1 416 753 Assets Current assets Cash Accounts receivable Inventory Total CA Balance Sheet 2021 Liabilities and Equity Current liabilities 461 153 Accounts payable 938 496 740 615 Notes payable 2 143 023 1 085 026 Total CL 3081 519 2 286 794 Long-term debt 5534 228 Fixed assets Net PP&E 17 904 498 Shareholder equily Common stock Retained earnings Total equity Total L&E 404 087 11 171 458 11 575 545 20 191 292 Total Assets 20 191 292 Instructions: 1.1 Calculate internal and sustainable growth rates. Explain what they mean (10 points) 1-2 Using the percentage of sales approach, prepare proforma financial statements for year 2022. (20 points) 1.3 Calculate the amount of external financing needed in 2022. What financing options are available for the company? (5 points)