Universal Products Company Financial Statements, 2021 and Pro Forma 2022 ($ thousands) INCOME STATEMENT Sales Cost of goods sold Operating expense Depreciation expense Interest expense Earnings before tax Tax Net income Actual 2021 Forecast 2022 $ 8,400 $ 8,800 6,400 6,800 700 700 250 300 90 200 960 800 336 280 $ 624 $ 520 Universal Products Company Financial Statements, 2021 and Pro Forma 2022 ($ thousands) BALANCE SHEET Current assets Net fixed assets Total assets Current liabilities Long-term debt Owner's equity Total liabilities & equity Actual 2021 $ 4,100 3,000 $ 7,100 $ 1,180 700 5,220 $ 7,100 Forecast 2022 $ 4,350 $ 1,300 500 a. Assume that Universal plans to purchase $700,000 in fixed assets during 2022 and to dispose of no fixed assets during 2022. What would be its forecast for net fixed assets in 2022? b. Assume that Universal plans to have a dividend payout ratio of 50 percent in 2022 and will neither sell nor repurchase equity during 2022. What would be its forecast for owner's equity in 2022? c. Given the assumptions in questions (a) and (b), what is Universal's projected external funding required for 2022? Net fixed assets in 2022 Owner's equity in 2022 External funding required for 2022