Upton Computers makes bulk purchases of smpli computers, stocks them in comeniently located warehouses, ships them to its chain of retail stores, and has a statf to advise cuistomen and help them set up their new computers. Upton's balance sheet as of December 31, 2021, is shoms here (milions of dollars): Soles for 2021 were $450 miltion, and net income for the year was $13.5 millish, so the firm's proft margin was 3.0%. Upton paid dividends of $5.4 millon to common stockholders. 30 its payout ratio was 40%. Its tax rate was 25%, and it operated at full capacity. Assume that all assets/sales ratios, (spontaneous liabilities)/sales ratios, the profit margin, and the pryout ratio remoin tonsthnt in 2022 . Do not round intemediofe calculations. a. If cules are projected to increase by $85.5 mulion, or 19%, during 2022, use the AFN equation to determine Upton's projected external capital requirements. Enter your answer in militists. For example, an answer of $10,550,000 should be entered as 10.55 . Round your answer to two decimal places. s miligh b. Uwing the AFN equation, Eeternine Upton's self-supporting growth rate. That is, what is the maximum gromth rate the firm can achieve without having to employ nonspontaneous external funds? Kound your answer to two decimal places. credit at the sod of the year. (llecause the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Assume Upton's pront Wint You dont need to forecant the income statements becouse the line of credit is taken out on the last doy at the vear and you are given the projected saies, prefit Upton cemputers Dro Vorma Nalance Sheet answer in milions, For example, an answer of $10,550,000 should be entered as 10.55 . Round your answer to two decimal places. s million b. Using the AFN equation, determine Upton's self-supporting growth rate. That is, what is the maximum gromth rate the firm can achieve without having to employ nonspontaneous external funds? Round your answer to two decimal places. c. Use the forecasted financial statement method to forecast Upton's balance sheet for December 31, 2022. Assume that all additional external capital is raised as a-line of credit at the end of the year. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Assume Upton's profit margin and dividend payout ratio will be the same in 2022 as they were in 2021. What is the amount of the tine of credit reported on the 2022 forecasted balance sheets? (Hint: You don't need to forecast the income statements because the line of credit is taken out on the last day of the year and you are given the projected sales, profit margin, and dividend payout ratio; these figures allow you to calculate the 2022 addition to retained earnings for the balance sheet without actually constructing a full income statement,) Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55. Round your answers to two decimal places