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CASE 1 (35 points) The most recent financial statements for Majestic Corporation follow. Sales for 2020 are projected to increase by 15 percent. Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant dividend pay-out ratio. The firm is operating at full capacity and no new debt or equity is issued. 2019 Income Statement Balance Sheet as at 31 December 2019 Sales 7,900 Current assets 3,900 Current liabilities 2,100 Costs 5,500 Fixed assets 18,600 Long-term debt 3,700 Taxable income 2,400 Equity 6,700 Taxes (25%) 600 Total assets 12,500 Total liabilities & equity 12,500 Net incom 1,800 Dividends 720 Instructions: a) Prepare Proforma Income Statement for 2020. Calculate Dividends and Addition to retained earnings in 2020. (10 points) Prepare Proforma Balance Sheet for 2020. (10 points) c) Calculate the amount of external financing needed in 2020. What financing options are available for the company? (5 points) d) Assuming that the company operated at 90% capacity in 2019, re-calculate Proforma Total Assets in 2020. (5 points)