AFN equation

Broussard Skateboard's sales are expected to increase by $25\%$ from $$8$ million in $2021$ to $$10\mathrm{.}00$ million in $2022.$ Its perating assets were $$3$ million at the end of $2021.$

Broussard is already at full capacity, so its operating assets must grow at the same rate as projected sales. At the end of $2021,$ current liabilities were $$1\mathrm{.}4$ million, consisting of $$450,000$ of accounts payable, $$500,000$ of notes payable, and $$450,000$ of accruals. The after$-$tax profit margin is forecasted to be $5\%,$ and the forecasted payout ratio is $40\%.$ Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Enter your answer in dollars. For example, an answer of $$1\mathrm{.}2$ million should be entered as $$1,200,000.$ Do not round intermediate calculations. Round your answer to the nearest dollar.

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