Problem 4-2 Pro Forma Statements and EFN (LO1, 2] Consider the following simplified financial statements for the Wims Corporation (assuming no income taxes): Income Statement Sales $38,800 Costs 33,120 Assets Balance Sheet $25,400 Debt Equity $ 6,400 19,000 Net income $ 5,680 Total $25,400 Total $25,400 The company has predicted a sales increase of 12 percent. Assume the company Days out half of net income in the form of a cash dividend. Costs and assets vary with sales but debt and equity do not Prepare the pro forma statements. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to the nearest whole dollar amount.) Assets S $ Pro forma income statement Sales S 43,456 Costs 37,094 Net income S 6 ,362 Pro forma balance sheet 28,448 Debt Equity 28,448 Total 6,400 22,181 28,581 Total $ $ What is the external financing needed? (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.) External financing needed