A firm has current assets of $$1,600,$ net fixed assets of $$6,000,$ accounts payable of $$800,$ long$-$term debt of $$2,400,$ equity of $$4,400,$ sales of $$7,500,$ costs of $$5,300,$ and a tax rate of $35$ percent. Assume costs, accounts payable, and current assets all increase at the same rate as sales. Also, assume $60$ percent of net income is paid out in dividends and that the firm is currently operating at $90$ percent of capacity. If sales grow at $20$ percent, compute the external financing need.

In your answer prepare an income statement and balance sheet $($Insert a Table$)$