Use the financial information for Morgan Construction Company from Problem 19.35. Assume now that equity accounts do not vary directly with sales but change when retained earnings change or new equity is issued. The company pays 75 percent of its income as dividends every year. In addition, the company plans to expand production capacity by expanding the current facility and acquiring additional equipment. This will cost the firm $10 million. The firm has no plans to issue new equity this year. Prepare a pro forma balance sheet using this information. Any funds that need to be raised (in addition to changes in current liabilities) will be in the form of long-term debt. What is the external financing needed in this case?