Suppose that Gyp Sum Industries currently has the balance sheet shown below, and that sales for the year just ended were $9.5 million. The firm also has a profit margin of 25 percent, a retention ratio of 30 percent, and expects sales of $7.5 million next year. Assets Liabilities and Equity Current assets $ 725,000 Current liabilities $ 1,045,000 Fixed assets 4,500,000 Long-term debt 1,750,000 Equity 2,430,000 Total assets $ 5,225,000 Total liabilities and equity $ 5,225,000