Model Corp.'s most recent balance sheet and income statement are given below (all numbers in $ million): Assets Cash 45 Accounts receivable 90 135 Liabilities and Equity Accounts payable 135 Current liabilities 135 Long-term debt 180 Total liabilities 315 Equity 135 Total liab. & equity 450 Inventory Current assets Machinary Total assets 270 180 450 Income statement Sales 100 60 Costs Depreciation EBIT 20 20 Interest 7.2 Taxable income 12.8 Taxes 4.352 Net income 8.448 Sales, assets and costs (including depreciation) are expected to grow by 26% next year, while the tax rate and debt will stay constant. The company will pay out 30% of net income as dividends next year. Part 1 1 B Attempt 1/10 for 10 pts. Using the percentage of sales method, what will be the net income next year (in $ million)? 1+ decimals Part 2 IB | Attempt 1/10 for 10 pts. Using the percentage of sales method, what should be the book value of equity by end of next year as a result of net income and dividend payout before any EFN is funded (in $ million)? 0+ decimals Submit Part 3 18 | Attempt 1/10 for 10 pts. What is the external financing needed (EFN) for next year (in $ million)? 1+ decimals Submit