The Optical Scam Company has forecast a sales growth rate of 20 percent for next year. Current assets, fixed assets, and short-term debt are proportional to sales. The current financial statements are shown here: INCOME STATEMENT $30,500,000 Sales 26,077,300 Costs Taxable income Taxes $ 4,422,700 1,547,945 Net income $ 2,874,755 Dividends Addition to retained earnings $1,149,902 1,724,853 BALANCE SHEET Assets Liabilities and Equity Current $ 7,230,000 Short-term debt $ 7,320,000 assets Long-term debt 3,800,000 Fixed assets 18,390,000 LOny-len UEL OUUUUU Fixed assets 18,390,000 $ 4,250,000 Common stock Accumulated retained earnings 10,250,000 Total equity $14,500,000 25,620,000 Total assets Total liabilities and equity $ 25,620,000 a. Calculate the external funds needed for next year using the equation from the chapter. (Do not round intermediate calculations.) & Answer is complete but not entirely correct. External financing needed $ 1,589,172 % b-1.Prepare the firm's pro forma balance sheet for next year. (Do not round intermed calculations.) Lomon SIOCK Accumulated retained earnings Total equity Total liabilities and equity 4.20UUUU 12,320,828 16,570,828 29,154,828 S Total assets $ 30,744,000 $ 2. b- Calculate the external funds needed. (Do not round intermediate calculations.) c. Calculate the sustainable growth rate for the company based on the current financial statements. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. s b- 2 G. External financing needed Sustainable growth rate -1,589,172 0.01