please explain and highlight answers for part 1-3. Thank you.

Intro Model Corp.'s most recent balance sheet and income statement are given below (all numbers in $ million): Assets 114 38 76 114 Cash Accounts receivable Inventory Current assets Machinary Total assets Liabilities and Equity Accounts payable Current liabilities 114 Long-term debt 152 Total liabilities 266 Equity 114 Total liab. & equity 380 228 152 380 70 42 14 Income statement Sales Costs Depreciation EBIT Interest Taxable income Taxes Net income 14 7.6 6.4 2.176 4.224 Sales, assets and costs (including depreciation) are expected to grow by 29% next year, while the tax rate and long-term debt will stay constant. The company will pay out 70% of net income as dividends next year. Part 1 IB Attempt 1/10 for 10 pts. Using the percentage of sales method, what will be the net income next year (in $ million)? 2+ decimals Submit Part 2 IB Attempt 1/10 for 10 pts. Using the percentage of sales method, what should be the book value of equity by end of next year as a result of net income and dividend payout before any EFN is funded (in $ million)? 0+ decimals Submit Part 3 IB Attempt 1/10 for 10 pts. What is the external financing needed (EFN) for next year (in $ million)? 1+ decimals Submit