3) Guidelines for forecasting work in Panera Bread Case The Panera Bread Company case analysis (done individually) focuses on forecasting financial statements using the Percent of Sales approach. Panera will almost surely need significant external financing for the first time in its recent corporate history. Address each of the following tasks: 1. Complete the financing portion of the Panera Bread Company's 2007 forecast financial statements and provide a forecast for the next five years (2008-2012). A worksheet has been provided for this purpose. Assume all borrowings are some form of debt and that interest expense equals 6% of the outstanding debt. You may also assume the $75 million share repurchase occurs in 2008 as planned. Assume sales growth of 25% for the first two years after 2007 and 5% thereafter. Note that you need not provide a detailed forecast of the current asset and current liability accounts. The Excel spreadsheet must have the following format: All of your assumptions about growth rates and percent of sales, etc. must be listed in the upper left-hand corner. Those assumptions must then be LINKED to the forecasts in the financial statements. For example, if cell B5 contains an assumed sales growth rate of .25, the 2008 sales forecast in your income statement should show "sales 2007 * (1+ B5)" behind the figure reflected in the 2008 Sales cell. 2. Given the need for external sources of capital, please also briefly discuss in the executive summary (without adjusting vour actual forecasts) the pros and cons of