7 The most recent financial statements for Retro Machine, Inc., follow. Sales for 2021 are projected to grow by 30 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. RETRO MACHINE, INC. 10 points 2020 Income Statement Sales $746,000 Costs 581,000 Skipped Other expenses 17,000 Earnings before interest $148,000 and taxes eBook Interest paid 13,000 Taxable income $135,000 Print References Taxes (23%) Net income Dividends Addition to retained earnings 31,050 $103,950 $ 31,185 72,765 RETRO MACHINE, INC. Balance Sheet as of December 31, 2020 Assets Current assets Cash Accounts receivable Liabilities and Owners' Equity Current liabilities $ 20,540 Accounts payable 43,480 Notes payable $ 54,700 13,900 Inventory 90,960 Total $ 68,600 Total $ 129,000 $154,980 Long-term debt Owners' equity Fixed assets Net plant and Common stock and paid-in $422,000 $ 114,000 equipment surplus Retained earnings 265,380 Total $379,380 Total liabilities and owners' Total assets $576,980 $576,980 equity If the firm is operating at full capacity and no new debt or equity is issued, what is the external financing needed to support the 30 percent growth rate in sales? (Do not round intermediate calculations.) | EFN