Question I (65% ) The most recent financial statements for Milford Corporation follow. Salos for 2019 are projected to increase by 15 percent. Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant dividend payout ratio. The firm is operating at full capacity and no new debt or equity is issued. 2018 Income Statement Balance Sheet as at 31 December 2018 Sales 7,900 Current assets 3,900 Current liabilities 2,100 Costs 5,500 Fixed assets 8,600 Long-term debt 3,700 Taxable income 2,400 6,700 Equity Taxes (25%) 600 12,500 Total assets 12,500 Total liabilities & equity Net income 1,800 Dividends 720 Instructions ME: (1) Prepare Proforma Income Statement for 2019. (10% ) Calculate Dividends and Addition to retained earnings for 2019. (5%) (2) Prepare Profoma Balance Sheet for 2019. (10 % ) Business OU school (3) Calculate the amount of extenal financing needed to support the 16 percent growth rate in sales (5 %) (4) Calculate the internal growth rate. (10%) (5) Calculate the sustainable growth rate. (10% ) (6) Discuss the role of financial planning. (10% )