The following tables contain financial statements for Dynastatics Corporation. Although the company has not been growing, it now plans to expand and will increase net fixed assets $($i$.$e$.,$ assets net of depreciation$)$ by $200,000$ per year for the next $4$ years, and it forecasts that the ratio of revenues to total assets will reINCOME STATEMENT, $2022$

$($Figures in $ thousands$)$

Revenue $ $1,800$

Fixed costs $60$

Variable costs $(80\%$ of revenue$)1,440$

Depreciation $80$

Interest $(8\%$ of beginning$-$of$-$year debt$)24$

Taxable income $196$

Taxes $($at $40\%)78$

Net income $ $118$

Dividends $ $79$

Addition to retained earnings $ $39$

BALANCE SHEET, YEAR$-$END

$($Figures in $ thousands$)$

$2022$

Assets

Net working capital $ $400$

Fixed assets $800$

Total assets $ $1,200$

Liabilities and shareholders$$ equity

Debt $ $300$

Equity $900$

Total liabilities and shareholders$$ equity $ $1,200$main at $1\mathrm{.}50.$ Annual depreciation is $20\%$ of total Capital.

INCOME STATEMENT, $2022$

$($Figures in $ thousands$)$

Revenue $ $1,800$

Fixed costs $60$

Variable costs $(80\%$ of revenue$)1,440$

Depreciation $80$

Interest $(8\%$ of beginning$-$of$-$year debt$)24$

Taxable income $196$

Taxes $($at $40\%)78$

Net income $ $118$

Dividends $ $79$

Addition to retained earnings $ $39$

BALANCE SHEET, YEAR$-$END

$($Figures in $ thousands$)$

$2022$

Assets

Net working capital $ $400$

Fixed assets $800$

Total assets $ $1,200$

Liabilities and shareholders$$ equity

Debt $ $300$

Equity $900$

Total liabilities and shareholders$$ equity $ $1,200$

Required:

a$1.$ Produce an income statement for $2023.$ Assume that net working capital will equal $50\%$ of fixed assets.

a$2.$ Produce a balance sheet for $2023.$ Assume that net working capital will equal $50\%$ of fixed assets.

b$.$ Now assume that the balancing item is debt and that no equity is to be issued. Prepare a completed pro forma balance sheet for $2023.$

c$.$ Assume that the balancing item is debt and that no equity is to be issued, what is the projected debt ratio for $2025?$

d$.$ Suppose that the cost of equity is $10\%$ and that at the end of $2025$ Dynastatics shares are expected to sell at $12$ times net income. What would be the value today of the firm's equity? Need Firm Value with Debt Ratio $=\mathrm{.}25,$ and Need Equity

I have answered all but D$.$ Please help with D$.$