The following table contains an entrepreneur's financial projections for a new venture. Figures within the chart are in thousands of dollars. The company is seeking to raise $5,000,000 of venture capital in equity to initiate the development of the entity. Successful ventures in this space have recently gone public at valuations around 12 times trailing net income (earnings). Develop the Year 1 financial forecast (income statement, balance sheet and statement of cash flows) for Bennis Co. - Revenue is projected at $800,000 with a gross margin of 32% - Operating expenses (including depreciation of $30,000 ) total 25% of revenue and taxes are estimated at 35% of pre-tax income - Bennis wants to maintain a cash balance of 3% of their cost of goods sold (COGS) - Accounts receivable are 8% of sales and inventory is forecast to be 45 days (using COGS as a base and assuming a 365 day year) - Fixed assets of $400,000 will be needed during the next year - Accounts payable are forecast to be 15 days (again using COGS as a base and assuming a 365 day year) Assuming Bennis will be all-equity financed, the required initial investment by the entrepreneur to ensure that no additional financing will be required during the next year is