Suppose now is early $2021.$ The $2020$ financial statements for James River Paper, Inc., appear below. Interest expense, tax rate and retention ratio will remain constant in $2021.$ Costs, other expenses, current assets, fixed assets, and accounts payable are assumed to increase spontaneously with sales in $2021.2020$ Income Statement Sales $$836,100$ Costs $$650,700$ Other expenses $$17,100$ Earnings before interest and taxes $$168,300$ Interest expense $$12,600$ Taxable income $$155,700$ Taxes $$54,495$ Net income $$101,205$ Dividends $$30,300$ Addition to retained earnings $$70,905$ Balance Sheet as of December $31,2020$ Assets Liabilities and Equity Current assets Current liabilities Cash $$24,035$ Accounts payable $$64,600$ Accounts receivable $$38,665$ Notes payable $$16,150$ Inventory $$82,555$ Total $$80,750$ Total $$145,255$ Long$-$term debt $$150,000$ Owner's equity Fixed assets Common stock $$130,000$ Net plant and equipment $$392,350$ Retained earnings $$176,855$ Total $$306,855$ Total assets $$537,605$ Total liabilities & equity $$537,605$ a$..$Assume that the CEO picked $30\%$ as the target growth rate for next year. Construct the firm$$s forecasted income statement and balance sheet for $2021.$ How much is the external financing needed $($EFN$)?$ b$.$ Assume the CEO decided to issue long$-$term debt to finance the deficit $($EFN$)$ calculated in part $($b$).$ How much will be the firm$$s debt$-$to$-$assets ratio after issuing this long$-$term debt?