Universal Products Company has almost finished its pro forma financial statements for 2022, as shown next. Universal Products Company Financial Statements, 2021 and Pro Forma 2022 (5) thousands) INCOME STATEMENT Sales Cost of goods sold Operating expense Depreciation expense Interest expense Earnings before tax Tax Net income Actual 2021 Forecast 2022 $ 6,900 $ 7,300 5,400 5,500 700 700 250 260 90 80 460 760 161 266 $ 299 $494 Universal Products Company Financial Statements, 2021 and Pro Forma 2022 ($ thousands) BALANCE SHEET Actual 2021 $ 3,600 Forecast 2022 $ 3,850 Current assets Net fixed assets Total assets Current liabilities Long-term debt Owner's equity Total liabilities & equity 3,000 $ 6,600 $1,130 700 4,770 $ 6,600 $1,250 500 a. Assume that Universal plans to purchase $600,000 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