The most recent financial statements for Maribel Corporation follow. Sales for year 2022 are projected to increase by 12 percent. Tax rate will be 25% in year 2022. The company maintains a constant dividend payout ratio. The firm is operating at full capacity.

1.1 Calculate internal and sustainable growth rates. Explain what they mean. (10 points)

1.2 Using the percentage of sales approach, prepare proforma financial statements for year 2022. (20 points)

1.3 Calculate the amount of external financing needed in 2022. What financing options are available for the company? (5 points)

1.4 Assuming that the company operated at 85% capacity in 2021, re-calculate the amount of external financing needed in 2022. (5 points)

\begin{tabular}{|l|r|} \hline Income Statement & \multicolumn{1}{|c|}{2021} \\ \hline Sales & 60320580 \\ \hline Cost of goods sold & 44997223 \\ \hline Operating expenses & 7648994 \\ \hline Depreciation & 2703271 \\ \hline Operating income & 4971092 \\ \hline Interest & 944711 \\ \hline Taxable income & 4026382 \\ \hline Taxes & 1006596 \\ \hline Net income & 3019786 \\ \hline Dividends & 918526 \\ \hline Addition to retained earnings & 2101260 \\ \hline \end{tabular}