Using the following income statement and balance sheet, create a pro-forma income statement and balance sheet. Assume a growth rate of 30%, and that the tax rate and dividend payout remain constant. Costs, assets, and accounts payable vary with sales, but the others do not, and the company is operating at 100% capacity. Use this information to answer the first 5 questions: HOFFMAN COMPANY Income Statement Sales 52,000.00 Costs 41,080.00 Taxable income 10,920.00 Taxes (32%) 3,494.00 Net Income 7,426.00 Dividends 2,599.00 Addition to RE 4,827.00 Current Assets Cash A/R Inventory Total HOFFMAN COMPANY Balance sheet Current Liabilities 3,250.00 A/P 4,775.00 N/P 8,300.00 Total 16,325.00 Long Term Debt Owners' Equity Common 48,625.00 R/E Total 2,850.00 7,200.00 10,050.00 31,500.00 Fixed Assets Net P&E 17,850.00 5,550.00 23,400.00 TOTAL ASSETS 64,950.00 Total Liab & Equity 64,950.00 1. What is the proforma value for retained earnings? ($11,825) 2- What is the external financing needed? ($12,355) 3. Based on the proforma values, calculate the internal growth rate (8.03%) 4. Based on the proforma values, calculate the sustainable growth rate (26.82%) 5. Suppose Hoffman Company is operating at 90%, rather than 100% capacity. a. What is the value for full capacity sales? ($57,778)