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Cheryl Colby, CFO of Charming Florist Ltd., has created thefirm’s pro forma balance sheet for the next fiscal year. Sales areprojected to grow by 11 percent to $396 million. Current assets,fixed assets, and short-term debt are 30 percent, 128 percent, and13 percent of sales, respectively. Charming Florist pays out 19percent of its net income in dividends. The company currently has$116 million of long-term debt, and $36 million in common stock parvalue. The profit margin is 5.5 percent. Assets Liabilities and equity   Current assets $107027027.03 Correct     Short-term debt $46378378.38 Correct     Long-term debt $116000000 Correct     Fixed assets 456648648.65456648648.65 Correct        Common stock $36000000 Correct     Accumulated retained earnings 365297297.3 Correct     Total equity $ 120637837 Incorrect     Total assets $ 563675675.68 Correct     Total liabilities and equity $ 563675675.68 Correct   Based on Ms. Colby’s sales growth forecast, how much doesCharming Florist need in external funds for the upcoming fiscalyear? _______________ Construct the firm’s pro forma balance sheet for the next fiscalyear below and confirm the external funds needed that youcalculated Assets Liabilities and equity   Current assets $ 118800000 Correct     Short-term debt $ 51480000 Correct     Long-term debt $ 116000000 Correct     Fixed assets $ 506880000 Correct            Common stock $ 36000000 Correct     Accumulated retained earnings $ Incorrect     Total equity $  Incorrect     Total assets $ 625680000 Correct     Total liabilities and equity $ Incorrect