The 2020 balance sheet and income statement for the Damon Company are shown below: Requirements: a. The firm operated at full capacity in 2020 . It expects sales to increase by 20% during 2021 and expects 2021 dividends per share to increase to $1.10. Use the percent of sales method to determine how much outside financing is required, developing the firm's pro forma balance sheet and income statement, and use AFN as the balancing item. b. If the firm must maintain a current ratio of 2.3 and a total debt ratio of 40%, how much financing, after the first pass, will be obtained using notes payable, long-term debt, and common stock? c. Make the second-pass financial statements incorporating financing feedbacks, using the ratios in part b. Assume that the interest rate on deht averages The 2020 balance sheet and income statement for the Damon Company are shown below: Requirements: a. The firm operated at full capacity in 2020 . It expects sales to increase by 20% during 2021 and expects 2021 dividends per share to increase to $1.10. Use the percent of sales method to determine how much outside financing is required, developing the firm's pro forma balance sheet and income statement, and use AFN as the balancing item. b. If the firm must maintain a current ratio of 2.3 and a total debt ratio of 40%, how much financing, after the first pass, will be obtained using notes payable, long-term debt, and common stock? c. Make the second-pass financial statements incorporating financing feedbacks, using the ratios in part b. Assume that the interest rate on deht averages