TERMEDIATE 9. Percentage-of-Sales Models. Here are the abbreviated financial statements for Planners Peanuts Income Statement, 2015 Sales $2,000 Costs 1.500 Net income $ 500 Balance Sheet, Year-End 2014 2015 2014 2015 Assets $2,500 $3,000 Debt $ 833 $1,000 Equity 1.667 2.000 Total $2,500 $3,000 Total $2,500 $3,000 If sales increase by 20% in 2016, and the company uses a strict percentage-of-sales planning model (meaning that all items on the income and balance sheet also increase by 20%), what must be the balancing item? What will be its value? (LO2) 10 Required External Financing. If the dividend payout ratio in problem 9 is fixed at 50%, calculate the required total external financing for growth rates in 2016 of 15%, 20%, and 25% (L04) Excel Template 19-10