Pascal Inc. reported the attached financial statements in 2019. The company realized a capacity utilization of 85% in 2019. In 2020, the management wants to achieve the maximum sales growth that they can achieve without increasing fixed assets. They have determined that accounts cost of goods sold, other operating expense, current assets, accounts payable vary with sales. Interest costs depend on debt and depreciation varies with fixed assets, Firm plans to maintain the dividend payout ratio from 2019. Using this information answer the following questions. a) (1 points) What is the maximum sales growth that the company can achieve? b) (5 points) Estimate the external financing needed to achieve the growth rate calculated in part a. C) (2 points) Assuming firm achieves its goal in 2020 (l.e. It will operate at 100% utilization), what is the maximum growth rate that the company can achieve without any external financing in 2021? Income statement for the year 2019 2019 Sales 137,944 COGS 82,304 Other op exp 32,998 Deprecation 11,136 Interest 4,876 EBT 6.631 Taxes (tax rate 2196) 1.392 NI 5,238 Dividend 1,571 Balance sheet as on Dec 31, 2019 Cash AR Inv Current Assets 2019 9,709 37,089 27,608 74,405 AR NP Current liability LTD 2019 27,089 23,678 50,767 85,883 Net fixed assets 162,533 CS APIC RE Total equity Total liability and SE 24,638 36,444 39,206 100,288 236,938 Total Assets 236,938