This one is very important for me, i need details, please make sure giving me the right process and answers, thank you very much! Use the following information and the percent-of-sales method to answer the following question(s). Below is the 2004 year-end balance sheet for Banner, Inc. Sales for 2004 were $1,600,000 and are expected to be $2,000,000 during 2005. In addition, we know that Banner plans to pay $90,000 in 2005 dividends and expects projected net income of 4% of sales. (For consistency with the Answer selections provided, round your forecast percentages to two decimals.) Banner, Inc. Balance Sheet December 31, 2004 Assets Current assets $890,000 Net fixed assets 1,000,000 Total $1,890,000 Liabilities and Owners' Equity Accounts payable $160,000 Accrued expenses 100,000 Notes payable 700,000 Long-term debt 300,000 Total liabilities 1,260,000 Common stock (plus paid-in capital) 360,000 Retained earnings 270,000 Common equity 630,000 Total 1,890,000 Banner's projected current assets for 2005 are: Answer A$1,500,000. B$1,112,500. C$1,260,000. D$1,000,000. Banner's projected fixed assets for 2005 are: Answer A$1,125,000. B$1,250,000. C$2,385,000. D$1,000,000. Banner's projected accounts payable balance for 2005 is: Answer A$200,000. B$160,000. C$120,000. D$300,000. Banner's projected accrued expenses for 2005 are: Answer A$125,000. B$225,000. C$165,000. D$100,000. Banner's projected long-term debt for 2005 is: Answer A$700,000. B$300,000. C$380,000. D$880,000. Banner's projected retained earnings for 2005 are: Answer A$350,000. B$280,000. C$260,000. D$340,000. Banner's projected discretionary financing needed for 2005 is: Answer A$360,000. B$367,420. C$427,500. D$417,500