Summit, Inc. just completed its best year ever. Sales for 2012 were $5.5 million. Its year end balance sheet is shown below: BALANCE SHEET 2012 \begin{tabular}{lr|lr} \hline Current Assets & $1,000,000 & Current Liabilities & $500,000 \\ Net Fixed Assets & 2,000,000 & Long-term Debt & 1,500,000 \\ & & Owners' Equity & 1,000,000 \\ \cline { 2 - 2 } Total & $3,000,000 & $3,000,000 \end{tabular} INCOME STATEMENT 2004 Summit's financial manager would like to forecast the dollar amount of external financing the firm will need in 2013 . The financial manager assumes that sales will increase 30% and that since the firm is operating at capacity, total assets will stay in the same proportion to sales in 2013 as in 2012 . In addition, all current liabilities are assumed to be spontaneous. a. Forecast the dollar amount of external funds needed in 2013. b. How might the firm reduce its reliance on external funds