Calculate the additional funds needed.

Suppose that Gyp Sum Industries currently has the balance sheet shown below, and that

sales for the year just ended were $$10\mathrm{.}2$ million. The firm also has a profit margin of $30$

percent, a retention ratio of $20$ percent, and expects sales of $$8\mathrm{.}2$ million next year.

Total assets $$6,324,000$ Total liabilities and equity $$6,324,000$

If all assets and current liabilities are expected to shrink with sales, what amount of

additional funds will Gyp Sum need from external sources to fund the expected growth?

$($Enter your answer in dollars not in millions. Negative amount should be indicated by a

minus sign.$)$ PROVIDE THE ANSWERS IN FORMULAS