EFN The most recent fi nancial statements for Martin, Inc., are shown here:

Income Statement Balance Sheet Sales $19,200 Assets $93,000 Debt $20,400 Costs 15,550 Equity 72,600 Taxable income $ 3,650 Total $93,000 Total $93,000 Taxes (34%) 1,241 Net income $ 2,409 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $963.60 was paid, and Martin wishes to maintain a constant payout ratio. Next year’s sales are projected to be $23,040. What external fi nancing is needed? LO.1