The Pioneer Company is generating its proforma balance sheet for 2020. For the year 2019, sales were S4 million Sales are expected to be $4.5 million in 2020. The company expects its net profit margin for 2020 to equal 5%. In each of the past several years, the company has been paying $50,000 in dividends to its stockholders. The company wants to increase dividends to $60.000 in 2020. The 2019 balance sheet for Pioneer is below. The Pioneer Company Balance Sheet as of December 31, 2019 Cash Accounts receivable Inventories Fixed assets, net Total assets $ 100,000 Accounts payable 400,000N otes payable 1,200,000 Long-term debt 500,000 Stockholders' equity $2,200,000 Total liabilities & equity $ 600,000 400,000 200,000 1,000,000 2.200,000 Assume that Cash, Accounts Receivable, Inventories, and Accounts Payable vary directly with sales. Net Fixed Assets must increase by $100,000 to support the sales expansion No new shares of Common Stock are expected to be issued. Notes payable will increase by $20,000 in 2020. Any additional financing that Pioneer will need for 2020 will come from new long-term debt, but Pioneer has a covenant that states that their ratio of total debt to total assets may not exceed 45%. How much additional financing will Pioneer need? Can they pay the increased dividend, increase their long-term debt, and still satisfy the covenant? Show numbers to support your