Suppose that in 2022, sales increase by 10% over 2021 sales. The firm currently has 100,000 shares outstanding. It expects to maintain its 2021 dividend payout ratio and believes that its assets should grow at the same rate as sales. The firm has no excess capacity. However, the firm would like to reduce its operating costs/sales ratio to 87.5% and increase its total liabilities to assets ratio to 30% (It believes its liabilities -to-assets ratio currently is too low relative to the industry average.) The firm will raise 30% of the 2022 forecasted interest bearing debt as notes payable, and it will issue long term bonds for the remainder. The firm forecasts that it's before-tax cost of debt (which includes both short-and long term debt) is 12.5%. Assume that any common stock issuances or repurchases can be made at the firm's current stock price of $45. a. Construct the forecasted financial statements assuming that these changes are made. What are the firm's forecasted notes payable and long-term debt balanes? What is the forecasted addition to retained earnings? b. If the profit margin remains at 6.25% and the dividend payout ratio remains at 60% at what growth rate in sales will the additional financing requirements be exactly zero? In other words, what is the firm's sustainable growth rate? (Hint: Set AFN equal to zero and solve for g.)

Please complete answer in excel spreed sheet and attach the excel spread sheet to question so that I can see the formulas that you used or you can email the excel spread sheet to me at billy.xarlito@yahoo.com. I am willing to pay extra to receive the excel spreadsheet in email.