$17.$ AFN equation

Broussard Skateboard's sales are expected to increase by $20\%$ from $$8\mathrm{.}6$ million in $2019$ to $$10\mathrm{.}32$ million in $2020.$ Its assets totaled $$4$ million at the end of $2019.$

Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of $2019,$ current liabilities were $$1\mathrm{.}4$ million, consisting of $$450,000$ of accounts payable, $$500,000$ of notes payable, and $$450,000$ of accruals. The after$-$tax profit margin is forecasted to be $3\%,$ and the forecasted payout ratio is $50\%.$ Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Enter your answer in dollars. For example, an answer of $$1\mathrm{.}2$ million should be entered as $$1,200,000.$ Do not round intermediate calculations. Round your answer to the nearest dollar.

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