***Please do not use excel. Please show all work

Noah, Indc 2016 Income Statement (S in millions) Net sales Less: Cost of goods sold Less: Depreciation expense Less: Other expenses Earnings before interest and taxes Less: Interest paid Taxable Income Less: Taxes (35%) Net income $1,245,000 1,015,000 35,000 15,000 180,000 28,000 $152,000 Dividends Additions to Retained Earnings S 69,160 S 29,640 Noah, Indc 2015 and 2016 Balance Sheets ( in millions) 2015 20152016 S 45,000 61,000 Accounts payable S 85,000 $119,000 16.00022.990 as Accounts rec Inventory Total Net fixed assets 68,000 95,000 Notes payable 97,000 149.000 Total 95,000 389,630 498,000 80,370 110,010 S669.000 $845.000 Total liab.& equity 669.000 845.000 S 210,000 305.000 Long-term debt 98,000 459.000 540,000 Common stock Retained earnings Total assets 2. Use the financial statements above for Noah, Inc. and draw pro-forma statements for the year 2017. Sales are projected to grow by 15 percent. Costs of goods sold, depreciation expense, other expenses, current assets, and accounts payable increase spontaneously with sales (that is these items grow proportionally with growth in sales). Interest expense (amount) will remain constant Dividend payout rate and the tax rate will remain constant. If the firm is operating at 70% capacity and no new debt or equity is issued, how much is the full capacity sales? What is the external financing needed to support the 15 percent growth rate in sales