Financing Deficit Stevens Textile Corporation's 2019 financial statements are shown below: $ 4,320 $16,560 $ 9,300 $29,160 $29,160 Balance Sheet as of December 31, Cash Receivables Inventories Total current assets Net fixed assets Total assets $ 1,080 6,480 g,ooo 12,600 2019 (Thousands of Dollars) Accounts payable Accruals Line of credit Notes payable Total current liabilities Mortgage bonds Common stock Retained earnings Total liabilities and equity 2,880 2,100 3,500 3,500 12,860 Income Statement for December 31, 2019 (Thousands of Dollars) Sales Operating costs Earnings before interest and taxes Interest Pre-tax earnings Taxes (25%) Net income Dividends (40%) Addition to retained earnings $36,000 34,000 $ 2,000 160 $ 1,840 460 $ 1,380 $ 552 $ 828 Stevens grew rapidly in 2019 and financed the growth with notes payable and long-term bonds. Stevens expects sales to grow by 15% in the next year but will finance the growth with a line of credit, not notes payable or long-term bonds. use the forecasted financial statement method to forecast a balance sheet and income statement for December 31, 2020. The interest rate on all debt is 10%, and cash earns no interest income. The line of credit is added at the end of the year, which means that you should base the forecasted interest expense on the balance of debt at the beginning of the year. Use the forecasted income statement to determine the addition to retained earnings. Assume that the company was operating at full capacity in 2019, that it cannot sell off any of its fixed assets, and that assets, spontaneous liabilities, and operating costs are expected to increase by the same percentage as sales. Determine the required line of credit. Do not round intermediate calculations. Round your answers to the nearest dollar. Total assets: $ LOC: $