3 Question #2 (10 points) 1 5 The recent 2021 financnial statements for CommX Corp. are below. The company expects to experience sales 5 growth in 2022 of 12%. For 2022, assets and costs are expected to be proportional to sales, and debt and equity are not. The company expects to maintain its historical dividend payout ratio of 40%. 7 3 SHOW YOUR WORK 9 01) What is the company's 2021 return on equity? 1 Answer 2 2) What is the company's 2021 return on assets? 3 Answer 4 3) What is the internal growth rate for 2021? 5 Answer 6 4) Calculate the external financing needed in 2022 to fund the expected growth. Answer 7 8 9 $ 15,000,000 13,350,000 Total assets $ 12,750,000 Debt 3,000,000 Equity 9,750,000 $ 12,750,000 0 Commx Corp. 2021 1 2 Sales 3 Costs & expenses 4 Income before tax 5 Taxes (25%) 6 Net Income 7 1,650,000 412,500 $ 1,237,500