Question 6 (9 points) You are conducting financial planning for your company and provided with the following financial statements for 2020. You are also told that assets, accounts payable and costs are proportional to sales. Debt and equity are not proportional to sales. Sales are expected to increase by 13% in 2021. The dividend payout ratio is 35%. The company is currently operating at 93% of capacity Your first task is to calculate the projected retained earnings balance at the end of 2021. Show all calculations Income Stateent for the Present Year Net sales Costs Taxable income Taxes Net income $14,650 $12.103 $2,547 $866 $1,681 Cash Accounts receivable Inventory Total Net fixed assets Balance Sheet for the Present Year $S25 Accounts pavable S3 135 Notes pavable $976 Total 54,636 Long-term debt $23,770 Common stock Retained earnings $28.406 Total liabilities and equity $1.963 $2.618 $4,581 S6,600 $7,500 $9.725 $28,406 Total assets