21)

The most recent financial statements for Martin, Inc., are shown here:

Income Statement
Sales	$27,500
Costs	16,500
Taxable income	$11,000
Taxes (21%)	2,310
Net income	$8,690

Balance Sheet
Assets	$104,500		Debt	$45,000
			Equity	59,500
Total	$104,500		Total	$104,500

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,105 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $32,450. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)