Statement of Comprehensive Income For the year ended December 31, 2020 $ Sales Costs Earnings before taxes Income taxes (40%) Net income 700,000 500,000 200,000 80,000 120,000 S Statement of Financial Position December 31, 2020 $ Cash Accounts receivable Inventory Net fixed assets Total assets 120,000 100,000 200,000 580,000 000,000 $ S Current liabilities Long-term debt Common shares Retained earnings Total liabilities and equity 200,000 250,000 150,000 400,000 1,000,000 $ Costs, assets, and current liabilities are proportional to sales, while long-term debt and common shares will remain the same. Sales are projected to increase by 15% in 2021, while retention ratio will be 70%. Calculate the amount of external financing needed (EFN) for 2021. Show your work