Suppose that Gyp Sum Industries currently has the balance sheet shown below, and that sales for the year just ended were $10.2 million. The firm also has a profit margin of 30 percent, a retention ratio of 20 percent, and expects sales of $8.2 million next year. Assets Liabilities and Equity Current assets $ 2,124,000 Fixed assets 4,200,000 Total assets $ 6,324,000 Current liabilities Long-term debt $ 1,707,480 1,600,000 Equity 3,016,520 Total liabilities and equity $ 6,324,000 If all assets and current liabilities are expected to shrink with sales, what amount of additional funds will Gyp Sum need from external sources to fund the expected growth? (Enter your answer in dollars not in millions. Negative amount should be indicated by a minus sign.) S 6 7 Sales last year 8 Profit margin 9 Retention ratio 10 Sales next year 11 Assets 12 Current liabilities 13 4 Sheet1 10,200,000 30% 20% 8,200,000 6,324,000 1,707,480 A B C D E F G H 6 7 Sales last year $ 10,200,000 8 Profit margin 30% 9 Retention ratio 20% 10 Sales next year 8,200,000 11 Assets $ 6,324,000 12 Current liabilities $ 1,707,480 13 14 15 16 17 18 19 Complete the following analysis. Do not hard code values in your calculations, and do not round intermediate calculations. Necessary Increase in assets 20 Spontaneous increase in liabilities 21 Projected increase in retained earnings 22 Additional Funds Needed 23 24 25