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Krogh Lumber: Balance Sheet as of December 31, 2021 (thousands of Krogh Lumber: Income Statement for December 31, 2021 (thousands of dollars) a. Assume that the company was operating at full capacity in 2021 with regard to all items except fixed assets; fixed assets in 2021 were being utilized to only 72% of capacity. By what percentage could 2022 sales increase over 2021 sales without the need for an increase in fixed assets? Round vour answer to two decimal places. b. Now suppose 2022 sales increase by 25% over 2021 sales. Assume that Krogh cannot sell any fixed assets. All assets other than fixed assets will grow at the same rate as sales; however, after reviewing industry averages, the firm would like to reduce its operating costs/sales ratio to 83% and increase its total liabilities-to-assets ratio to 42%. The firm will maintain its 60% dividend payout ratio, and it currently has 1 million shares outstanding. The firm plans to raise 35% of its 2022 forecasted interest-bearing debt as notes payable, and it will issue bonds for the remainder. The firm forecasts that its before-tax cost of debt (which includes both short- and long-term debt) is 10%. Any stock issuances or repurchases will be made at the firm's current stock price of $40. Develop Krogh's projected financial statements. What are the balances of notes payable, bonds, common stock, and retained eamings? Enter your answers in thousands of dollars. For example, an answer of $10 thousands of dollars should be entered as 10,000 . Round your answers to two decimal places. Krogh Lumber: Pro Forma Income Statement December 31, 2022 Krogh Lumber: Pro Forma Balance Statement December 31, 2022 Krogh Lumber: Pro Forma Balance Statement December 31, 2022