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Table 1 Income Statement 2020 Sales 4,700,000 Cost of Goods Sold 3.877.500 Gross Profit 822,500 Selling and General & Administrative 275,000 Expenses Fixed Expenses 90,000 Depreciation 25.000 Earnings before Interest and Taxes (EBIT) 432,500 Interest Expense 66.000 Earnings before Taxes 366,500 Taxes (at 40%) 146.600 Net Income 219,900 Retained Earnings 131.940 Table 2 Balance Sheet 2020 Assets Cash and marketable securities 60.000 Accounts receivables 250.416 Inventory 511.500 Total Current Assets 821,916 Property, Plant and Equipment (PP&E) 560,000 Accumulated Depreciation 175,000 Net PP&E 385,000 Total Assets 1,206,916 Liabilities and equity Accounts payable 135,000 Notes payable 275,000 Other current liabilities 43.952 Total Current Liabilities 453.952 Long term debt 275,000 Total Liabilities 728.952 Equity 155,560 Cumulated Retained Earnings 322,404 Total Liabilities and equity 1,206,916Hints: Q1: Must use Formula #20 in the formula sheet, set EFN = 0 to solve for increase in revenue. Then internal growth rate (IGR) = increase in revenue/ revenue. You can use Formula #21 to confirm. . Q2: Use Formula #22 to calculate sustainable growth rate.Formula Sheet 20. EFN (External Funds Needed) = (TA/Revenue) x (Increase in Revenue) - Net Margin x (Revenue + Increase in Revenue) x Retention Rate where TA = Total Assets Net Margin = Net Income/Revenue Retention rate = 1 - dividend payout ratio = Retained earnings/Net Income **Assumes current liabilities do not vary proportionately with sales 21. Internal Growth Rate (IGR) IGR = (ROA x Retention Rate) [1-(ROA x Retention Rate)] where ROA is return on assets = Net Income/Total Assets You can also find IGR by setting EFN = 0 in formula #20 above and find increase in revenue. IGR = increase in revenue/revenue. 22. Sustainable Growth Rate = (ROE x Retention Rate)/[1-(ROE x Retention Rate)] where ROE is return on equity = Net Income/Total equity; total equity = book value of equity + retained earnings