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?

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