(CH4-12) Please help with this homework. The Prof provided an Answer Key BUT requires us to show the step-by-step analysis/solution using Excel functions/formulas. Thanks.

GIVEN: Baker-Lund Corporation financial statements:

INCOME STATEMENT:

Sales	$16,400
Costs	11,200
Taxable income	$5,200
Taxes (25%)	1,092
NET INCOME	$4,108

BALANCE SHEET

Current Assets	$11,200	Debt	$13,600
Fixed Assets	$24,300	Equity	21,900
TOTAL	$35,500	TOTAL	$35,500

Payout Ratio: 30.00%

QUESTION(s):

Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 30 percent dividend payout ratio.

A) What is the internal growth rate?

B) What is the sustainable growth rate?