How would Yummy Food's 2015 required external financing change if the 2015 dividend payout ratio were cut to one-third? Use this revision to the financing model to generate a new financial plan for 2015 assuming that debt is the balancing item. Show how the financial statement given in Table 19.6 would change. What would be required external financing?

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Pro Forma Balance Sheet as of December 31, 2015 Comment Assets $ 220 Net operating working capital 10% of sales Property, plant, and equipment 10% higher and 40% of sales 880 Total assets 10% higher $1,100 Liabilities and Shareholders' Equity Long-term debt $ 464 16% higher (new borrowing= $64; this is the balancing item) Shareholders' equity $ 636 Increased by 2015 addition to retained earnings Total liabilities and shareholders' Again equals total assets equity $1,100 equity