calculating EFN the most recent financial statements for moose tours inc., appear below. Sales for 2016 are projected to grown by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout will also remain constant. Costs, other expenses, currebt assets, fixed assets, and accounts payable increase spontaneously with sales. If the firms is operating at full capacity and no new debt or equity is issued. What external financing is needed to support the 20 percent growth rate in sales?

MOOSE TOURS, INC. 2015 Income Statement Sales Costs Other expenses Earnings before interest and taxes $752,500 585,600 15,400 $151.500 11.340 $140,160 49,056 $91,104 Interest expense Taxable income Taxes Net income Dividends $27,331 Addition to retained earnings 63,773 MOOSE TOURS, INC. Balance Sheet as of December 31, 2015 Assets Current assets Cash Accounts receivable Inventory Total $ 21,632 34,799 74,300 $130,731 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ 58,140 14,535 $ 72,675 $135,000 Fixed assets $353,120 $175,000 161,176 $276,176 $483,857 Net plant and equipment Total assets $483,851