The most recent financial statements for Fleury Inc., follow. Sales for 2012 are projected to grow by 25 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets and accounts payable increase spontaneously with sales.

FLEURY, INC. 2011 Income Statement
Sales				$	763,000
Costs					598,000
Other expenses					19,000
Earnings before interest and taxes				$	146,000
Interest paid					10,000
Taxable income				$	136,000
Taxes (20%)					27,200
Net income					108,800
Dividends	$	21,760
Addition to retained earnings		87,040

FLEURY, INC. Balance Sheet as of December 31, 2011
Assets				Liabilities and Owners