The most recent financial statements for GPS, Inc, are shown below: Income statement 19,500 Sales Costs 15,000 EBIT Taxes (40%) 4,500 1,800 2,700 Net income Balance sheet Assets $98,000 Debt $52.500 Equity Total 45,500 598,000 Total $98,000 Dividend Paid: 1,400 Retained Earnings 1300 Sales growth of 12% is projected for next year Assets and costs are proportional to sales, Debt and equity are not The company wishes to maintain a constant payout ratio. Based on the above information: 1 Prepare pro-forma Income statement and Pro-Forma Balance sheet and calculate the Extemal Financial Needs (EFN). 2 Calculate the internal growth rate 3 Calculate the sustainable growth rate