Respond to all 13 questions provided in the instructions on the "Answers" worksheet.\ To assist with your analysis, I have added a few check figures to ensure that you are on the right track\ Part A Total Assets = $503.072\ Part B Contraction Total Assets = $425.885\ Part B High Growth Total Assets = $517.709\ Step Two \ Submit Your Assignment\ Navigate to this assignment area. \ Find the blue Submit Assignment button in the top right of this page\ Upload your Excel document from your computer\ Click Submit to complete submission New England Corporation 2018 2019 2020 2021 2022 Assumed \ Pro forma financial statements Actual Actual Actual Actual Pro forma % of Sales\ Assumptions \ Sales growth rate 25.88% 20.78% 23.33% \ Tax rate 46.28% 49.91% 40.14% \ Dividend payout rate 39.24% 48.10% 38.50% \ Interest rate (short-term debt) 6.30% 6.50% 7.15% \ Interest rate (long-term debt) 5.30% 5.50% 5.96% \ \ Income Statement ($ millions) \ Sales $62.498 $78.673 $95.023 $22.171 \ Cost of goods sold 40.121 52.578 63.186 3.6%\ SG&A expense 5.578 7.135 8.241 \ Depreciation expense 3.268 4.298 6.106 \ EBIT $13.531 $14.662 $17.490 \ \ Interest expense 3.455 4.567 6.724 \ Pre-tax income $10.076 $10.094 $10.766 \ \ Taxes 4.663 5.038 5.092 \ Net income $5.413 $5.056 $5.674 \ \ Allocation of net income: \ Dividends $2.124 $2.432 $2.921 \ Addition to retained earnings $3.289 $2.624 $2.752 \ \ Balance Sheet ($ millions) \ ASSETS \ Current assets \ Cash and marketable securities $2.861 $5.275 $6.105 $7.916 \ Accounts receivable 13.789 14.341 17.276 22.854 \ Inventory 17.909 22.402 24.623 30.991 \ Total current assets $34.559 $42.017 $48.004 $61.761 \ \ Gross PPE 222.199 284.026 337.593 410.898 \ Accumulated depreciation 66.142 69.410 73.708 79.814 \ Net PPE $156.056 $214.616 $263.885 $331.083 \ \ Total assets $190.615 $256.634 $311.889 $392.844 \ \ LIABILITIES AND EQUITY \ Current liabilities \ Accounts payable $21.326 $48.500 $56.173 $63.250 \ Short-term debt 20.676 28.830 40.450 53.258 \ Total current liabilities $42.002 $77.330 $96.622 $116.508 \ \ Long-term debt (PLUG) 26.800 30.910 35.240 48.930 \ Total liabilities $68.802 $108.240 $131.862 $165.438 \ \ Shareholders' equity \ Paid-in capital 60.300 87.100 107.200 147.400 \ Retained earnings 61.513 64.802 67.426 70.178 \ Total shareholders' equity $121.813 $151.902 $174.626 $217.578 \ \ Total liabilities and shareholders' equity $190.615 $260.142 $306.488 $383.017