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Question 1 Statement of Comprehensive Income For the year ended December 31, 2020 Sales S Costs Earnings before taxes Income taxes (40%) Net income 350,000 250,000 100,000 40,000 60,000 S Statement of Financial Position December 31, 2020 $ Cash Accounts receivable Inventory Net fixed assets Total assets 60,000 50,000 100,000 290,000 500,000 S S Current liabilities Long-term debt Common shares Retained earnings Total liabilities and equity 100,000 125,000 75,000 200,000 500,000 S Costs, assets, and current liabilities are proportional to sales, while long-term debt and common shares will remain the same. Sales are projected to increase by 10% in 2021, while retention ratio will be 60%. Calculate the amount of external financing needed for 2021. Show your work