A firm has the following account balances for this year. Sales for the year are $420,000. Projected sales for next year are $441,000. The percentage of sales approach is used for pro forma purposes. All balance sheet accounts, except long-term debt and common stock, change according to that approach. The firm plans to decrease the long-term debt balance by $23,500 next year. Retained earnings is expected to increase by $5,400 next year.

What is the projected external financing need?

Current assets	$	84,000
Net fixed assets	$	270,000
Current liabilities	$	56,000
Long-term debt	$	154,000
Common stock	$	50,000
Retained earnings	$	91,000