The table given below summarizes the 2022 income statement and end-year balance sheet of Drakes Bowling Alleys. Drakes financial manager forecasts a 10% increase in sales and costs in 2023. 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.

Income Statement
$ in thousands
Sales	$ 1,800	(40% of average assets)a
Costs	1,350	(75% of sales)
Interest	65	(5% of debt at start of year)b
Pretax profit	385
Tax	154	(40% of pretax profit)
Net income	$ 231

^aAssets at the end of 2021 were $4,320,000.

^bDebt at the end of 2021 was $1,300,000.

Balance Sheet
$ in thousands
Net assets	$ 4,680	Debt	$ 1,300
		Equity	3,380
Total	$ 4,680	Total	$ 4,680

What is the implied level of assets at the end of 2023?

Note: Enter your answer in dollars not in thousands.

If the company pays out 50% of net income as dividends, how much cash will Drake need to raise in the capital markets in 2023? Assumes debt remains constant.

Note: Do not round intermediate calculations. Enter your answer in dollars not in thousands.

If Drake is unwilling to make an equity issue, what will be the debt ratio at the end of 2023?

Note: Enter your answer as a percent rounded to nearest whole number.