Sales for 2012 were $475 million end net income for the year was $14.25 million, so the firm's profit margin was 3.0%. Upton paid dividends of $5.7 million to common stockholders, so its payout ratio was 40%. Its tax rate is 40%, and it operated at full capacity. Assume that all assets/sales ratios, spontaneous liabilities/sales ratios, the profit margin, and the payout ratio remain constant in 2013. Do not round intermediate calculations. If sales are projected to increase by $60 million, or 12.63%. during 2013, use the AFN equation to determine Upton's projected external capital requirements. Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1, 200,000. $ million Using the AFN equation, determine Upton's self-supporting growth rate. That is, what is the maximum growth rate the firm can achieve without having to employ nonspontaneous external funds? Use the forecasted financial statement method to forecast Upton's balance sheet for December 31, 2013. Assume that all additional external capital is raised as a bank loan at the end of the year and is reflected in notes payable (because the debit is added at the end of the year, there will be no additional Interest expense due to the new debt). Assume Upton's profit margin and dividend payout ratio will be the same in 2013 as they were in 2012. What is the amount of notes payable reported on the 2013 forecasted balance sheets? Cash Receivables Inventories Total current assets Net fixed assets Total assets Accounts payable Notes payable Accruals Total current liabilities Mortgage loan Common stock Retained earrings Total liabilities and equity