Consider the following simplified financial statements for the Fire Corporation (assuming no income taxes): Income Statement Sales $32,000 Costs 24,400 Assets Balance Sheet $25,300 Debt Equity $ 5,800 19,500 Net income $ 7,600 Total $25,300 Total $25,300 The company has predicted a sales increase of 15 percent. Assume Fire pays out half of net income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not. Prepare the pro forma statements. Pro forma income statement Sales $ 36800 Costs 28060 Assets Pro forma balance sheet $29095 Debt Equity $ 6670 22425 * Net income $ 8740 Total $ 29095 Total $ 29095 Determine the external financing needed. (Negative amount should be indicated by a minus sign.) External financing needed $ -5815