The table given below summarizes the 2019 income statement and end-year balance sheet of Drake's Bowling Alleys. Drake's financial manager forecasts a 10% increase in sales and costs in 2020. The ratio of sales to average assets is expected to remain at 0.40. Interest is forecasted at 5% of debt at the start of the year. (40% of average assets) (75% of sales) (5% of debt at start of year)b Income Statement $ in thousands Sales Costs $1,500 1,125 Interest 50 Pretax profit 325 Tax 130 Net income 195 (40% of pretax profit) aAssets at the end of 2018 were $3,600,000. bDebt at the end of 2018 was $1,000,000. Net assets Total Balance Sheet $ in thousands $3,900 Debt $1,000 Equity 2,900 $3,900 $3,900 Total a. What is the implied level of assets at the end of 2020? (Enter your answer in dollars not in thousands.) Total $3,900 Total $3,900 a. What is the implied level of assets at the end of 2020? (Enter your answer in dollars not in thousands.) Ending assets b. If the company pays out 50% of net income as dividends, how much cash will Drake need to raise in the capital markets in 2020? Assumes debt remains constant. (Enter your answer in dollars not in thousands.) External financing need c. If Drake is unwilling to make an equity issue, what will be the debt ratio at the end of 2020? Debt ratio %