The Year 1 financial statements for the firm are shown below:
Balance Sheet as of December 31, Year 1 (thousands of dollars)
Cash		$90,000		Accounts payable		$180,000
Receivables		$180,000		Notes payable		$78,000
Inventories		$360,000		Accruals		$90,000
Total current assets		$630,000		Total current liabilities		$348,000
Net fixed assets		$720,000		Common stock		$900,000
				Retained earnings		$102,000
Total assets		$1,350,000		Total liabil & equity		$1,350,000
Income Statement for Year 1 (thousands of dollars)
Sales			$1,800,000
Operating costs			$1,639,860
Earnings before interest and taxes			$160,140
Interest			$10,140
Earnings before taxes			$150,000
Taxes (40%)			$60,000
Net income			$90,000
Dividends (60%)			$54,000
Addition to retained earnings			$36,000
Suppose that in Year 2, sales increase by 10 percent over Year 1 sales. Construct the pro forma
financial statements using the constant growth method. Assume the firm operated at full capacity
in Year 1. What will be the external funding requirement?

Please show calculations in Excel so I can follow and understand how to solve this.