1. The most recent financial statements for Horn, Inc. are show below (assume no income taxes.) Assets and costs are proportional to sales. Debt and equity are not. No dividends are paid. Next years sales are projected to be $8,968. What is the external financing needed (EFN)?

Income Statement Balance Sheet Sales $7,600 Assets $21,700 Debt $9,100 Costs $5,180 Equity $12,600 Net Income $2,420 Total $21,700 Total $21,700