Timothy projects its next sales next year to be $4 million and expects to earn 5% of that amount in taxes. The firm is currently projecting its financial needs based on the following projections: (10) 1. Current assets will equal 20% of sales and fixed assets will remain at their current level of $1 million. 2. Common equity is currently .8 million $ and the firm pays out half its earning in dividends. 3. The firm had short term payables and trade credit that normally equal 10% of sales and it has no long-term debt outstanding. What are Timothy's financing requirements (total assets) and discretionary financing needs for the coming year