The below table summarizes the 2017 income statement and end-year balance sheet of Drakes Bowling Alleys. Drakes financial manager forecasts a 15% increase in sales and costs in 2018. The ratio of sales to average assets is expected to remain at 0.50. Interest is forecasted at 3% of debt at the start of the year. Income Statement Sales $ 2,100 (50% of average assets)a Costs 1,050 (50% of sales) Interest 20 (3% of debt at start of year)b Pretax profit $ 1,030 Tax 206 (20% of pretax profit) Net income $ 824 a Assets at the end of 2016 were $4,100,000. b Debt at the end of 2016 was $670,000. Balance Sheet Assets $ 4,300 Debt $ 4,050 Equity 250 Total $ 4,300 $ 4,300

a. What is the implied level of assets at the end of 2018? (Enter your answer in thousands.) Implied level of assets b. If the company pays out 50% of net income as dividends, how much cash will Drake need to raise in the capital markets in 2018? (Enter your answer in thousands.) Additional cash c. If Drake is unwilling to make an equity issue, what will be the debt ratio at the end of 2018? (Round your answer to 2 decimal places.) Debt ratio a. What is the implied level of assets at the end of 2018? (Enter your answer in thousands.) Implied level of assets b. If the company pays out 50% of net income as dividends, how much cash will Drake need to raise in the capital markets in 2018? (Enter your answer in thousands.) Additional cash c. If Drake is unwilling to make an equity issue, what will be the debt ratio at the end of 2018? (Round your answer to 2 decimal places.) Debt ratio