The table given below summarizes the 2019 income statement and end-year balance sheet of Drake's Bowling Alleys Drake's financial manager forecasts a 10% increase in sales and costs in 2020. The ratio of sales to average assets is expected to remain at 0.40 Interest is forecasted at 5% of debt at the start of the year. Sales Casts Interest Pretax profit Tax Net Income Income Statement in thousands $1,600 (40% of average assets) 1,200 (25% of sales) ss (5% of debt at start of year) 345 138 (of pretax profit) 5207 Assets at the end of 2018 were $3.840,000 Debt at the end of 2018 was $1,100,000 Het assets balance Sheet in thousands $4,160 Debt Equity 1410 Total $1,100 3.00 Total 100 a. What is the implied level of assets at the end of 2020? (Enter your answer in dollars not in thousands) Endings 5 4540.000 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 2020? Assumes debt remains constant. (Enter your answer in dollars not in thousands.) External tinancing need c. If Drake is unwilling to make an equity issue, what will be the debt ratio at the end of 2020? Debratio