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Problem Solving. Solve what is required. Answer on the space provided The 20x1 balance sheet for Palawan Pulp and Paper shown below Cash 3,000,000 Accounts Payable 2,000,000 3,000,000 Notes Payable 1,500,000 Accounts Receivable Inventory 5,000,000 Long-term debt 3,000,000 7,500,000 Current assets 11,000,000 Ordinary Equity Fixed assets 3,000,000 14,00,000 Total Assets 14,000,000 Total Liabilities & Equity In 20X1, sales were 60 million. In 20X2 management believes that sales will increase by 20% to a total of 72 millio The profit argin is expected to be 5%, and the dividend payout ratio is targeted at 40%. The firm has excess capacity and no increase capacity and no increase in fixed assets will be required. What is the additional funding requirement for 20x2? Required: 1. Forecast the Income Statement of Palawan Pulp and Paper for 20X2 2. Forecast the Statement of Financial Position of Palawan Pulp and Paper for 20X2 3. Show the supporting computations