Click here to read the book The AFN Equation Problem Wald-Through AFN EQUATION Carlsbad Corporation's sales are expected to increase from $5 million in 2016 to 56 milion in 2017, or by 20%. Its assets totaled $2 million at the end of 2016. Cartond is capacity, so its assets must grow in proportion to projected sales. At the end of 2016, current liabilities are $1 milion, consisting of $250,000 of accounts payable, $500,000 of payable, and $250,000 of accrued abilities. Its profit margin is forecasted to be 3, and the forecasted retention ratios 45%. Use the AFN equation to forecast the stones Carlsbad will need for the coming year. Write out your answer completely. For example, 5 million should be entered as 5.000.000. Round your answer to the rest cent. Click here to read the eBook: The AFN Equation Problem Walk-Through AFN EQUATION Carlsbad Corporation's sales are expected to increase from $5 million in 2015 to $6 million in 2017, or by 20%. Its assets totaled $2 million at the end of 2016. Carlsbad is attu capacity, so its assets must grow in proportion to projected sales. At the end of 2016, current liabilities are $1 million, consisting of $250,000 of accounts payable, $500,000 of notes payable, and $250,000 of accrued liabilities. Its profit margin is forecasted to be 3%, and the forecasted retention ratio is 45%. Use the AFN equation to forecast the additional funds Carlsbad will need for the coming year. Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest cent