Suppose that Gyp Sum Industries currently has the balance sheet shown below, and that sales for the year just ended were $$10$ million. The firm also has a profit margin of $25$ percent, a retention ratio of $30$ percent, and expects sales of $$8$ million next year. Assets Liabilities and Equity Current assets $ $2,000,000$ Current liabilities $ $1,500,000$ Fixed assets $4,000,000$ Long$-$term debt $1,500,000$ Equity $3,000,000$ Total assets $ $6,000,000$ Total liabilities and equity $ $6,000,000$