Please complete both the speadsheet model, and questions. The $2022$ financial statements for Growth Industries are presented below. Sales and costs are projected to grow at $\backslash (20\backslash \%\backslash )$ a year for at least the next $4$ years. Both current assets and accounts payable are projected to rise in proportion to sales. The firm is currently operating at full capacity, so it plans to increase fixed assets in proportion to sales. Interest expense will equal $10\backslash \%$ of long$-$term debt outstanding at the start of the year. The firm will maintain a dividend payout ratio of $0\mathrm{.}60.$

Required:

Construct a spreadsheet model for Growth Industries similar to the one in Spreadsheet $18\mathrm{.}1.$

a$.$ How much external capital will the company require in $2026?$

b$.$ What will be the company's debt ratio at the end of $2026?\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|$l$|$l$|$l$|\}$

$\backslash$hline $\backslash$multicolumn$\{6\}\{|$c$|\}\{$A Long$-$Term Planning Model for Growth Industries$\}\backslash \backslash$

$\backslash$hline Income Statement & $2022$ & $2023$ & $2024$ & $2025$ & $2026\backslash \backslash$

$\backslash$hline Revenue & $290\mathrm{.}0$ & $348\mathrm{.}0$ & $417\mathrm{.}6$ & $501\mathrm{.}1$ & $601\mathrm{.}3\backslash \backslash$

$\backslash$hline Cost of goods sold & $195\mathrm{.}0$ & $234\mathrm{.}0$ & $280\mathrm{.}8($ & $337\mathrm{.}0$ & $404\mathrm{.}4\backslash \backslash$

$\backslash$hline EBIT & $95\mathrm{.}0$ & $114\mathrm{.}0($ & $136\mathrm{.}8($ & $164\mathrm{.}1()$ & $196\mathrm{.}9\backslash \backslash$

$\backslash$hline Interest expense & $19\mathrm{.}0$ & $19\mathrm{.}0($ & $21\mathrm{.}2($v$)$ & & $\backslash \backslash$

$\backslash$hline Earnings before taxes & $76\mathrm{.}0$ & $95\mathrm{.}0$ & $115\mathrm{.}6($ & & $\backslash \backslash$

$\backslash$hline Taxes at $21\backslash \%$ & $16\mathrm{.}0$ & $20\mathrm{.}0($ & $24\mathrm{.}3()$ & & $\backslash \backslash$

$\backslash$hline Net income & $60\mathrm{.}0$ & $75\mathrm{.}1($ & $91\mathrm{.}4($ & & $\backslash \backslash$

$\backslash$hline Dividends & $36\mathrm{.}0$ & $45\mathrm{.}0($ & $54\mathrm{.}8($ & & $\backslash \backslash$

$\backslash$hline Reinvested earnings & $24\mathrm{.}0$ & $30\mathrm{.}0$ v & $36\mathrm{.}5$ v & & $\backslash \backslash$

$\backslash$hline Balance Sheet $($year$-$end$)$ & & & & & $\backslash \backslash$

$\backslash$hline Assets & & & & & $\backslash \backslash$

$\backslash$hline Net working capital & $28\mathrm{.}0$ & $33\mathrm{.}6$ v & $40\mathrm{.}3($ & $48\mathrm{.}4$ & $\backslash (58\mathrm{.}1\backslash$sim $\backslash )\backslash \backslash$

$\backslash$hline Net fixed assets & $230\mathrm{.}0$ & $276\mathrm{.}0$ & $331\mathrm{.}2($ & $397\mathrm{.}4($ & $476\mathrm{.}9(\backslash \backslash$

$\backslash$hline Total assets & $258\mathrm{.}0$ & $309\mathrm{.}6($ & $371\mathrm{.}5($ & $445\mathrm{.}8($ & $535\mathrm{.}0(\backslash \backslash$

$\backslash$hline Liabilities and equity & & & & & $\backslash \backslash$

$\backslash$hline Long$-$term debt & $190\mathrm{.}0$ & $211\mathrm{.}6$ & & & $\backslash \backslash$

$\backslash$hline Shareholders' equity & $68\mathrm{.}0$ & $98\mathrm{.}0($ & $134\mathrm{.}6$ & $179\mathrm{.}6($ & $234\mathrm{.}9\backslash \backslash$

$\backslash$hline Total liabilities and shareholders' equity & $258\mathrm{.}0$ & $309\mathrm{.}6($ & & & $\backslash \backslash$

$\backslash$hline Sources and Uses of Funds & $\backslash$multicolumn$\{5\}\{|$c$|\}\{\}\backslash \backslash$

$\backslash$hline Operating cash flow & & $75\mathrm{.}0($ & $91\mathrm{.}0($ & & $\backslash \backslash$

$\backslash$hline Increase in working capital & & & & & $\backslash \backslash$

$\backslash$hline Investments in fixed assets & & $46\mathrm{.}0($ & $55\mathrm{.}0-$ & $66\mathrm{.}0-$ & $79\mathrm{.}0\backslash \backslash$

$\backslash$hline Dividends & & $45\mathrm{.}0($ & $55\mathrm{.}0($ & & $\backslash \backslash$

$\backslash$hline Total uses of cash & & $97\mathrm{.}0($ & $117\mathrm{.}0($ & $142\mathrm{.}0($ & $\backslash \backslash$

$\backslash$hline Required external financing & & & & & $\backslash \backslash$

$\backslash$hline Financial Ratios & $\backslash$multicolumn$\{5\}\{|$c$|\}\{\}\backslash \backslash$

$\backslash$hline Debt ratio & $0\mathrm{.}74$ & $0\mathrm{.}68$ & & & $\backslash \backslash$

$\backslash$hline Interest coverage & $5\mathrm{.}0$ & $6\mathrm{.}0$ & $6\mathrm{.}5$ & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

a$.$ How much external capital will the company require in $2026?$

Note: Enter your answers in whole dollars.

b$.$ What will be the company's debt ratio at the end of $2026?$

Note: Round intermediate values to $1$ decimal place. Round your answer to $2$ decimal places.