INCOME STATEMENT, 2017
Sales				$	210,000
Costs					155,000
EBIT				$	55,000
Interest expense					11,000
Taxable income				$	44,000
Taxes (at 35%)					15,400
Net income				$	28,600
Dividends	$	14,300
Addition to retained earnings		14,300

BALANCE SHEET, YEAR-END, 2017
Assets					Liabilities
Current assets					Current liabilities
Cash	$	4,000			Accounts payable	$	11,000
Accounts receivable		9,000			Total current liabilities	$	11,000
Inventories		27,000			Long-term debt		110,000
Total current assets	$	40,000			Stockholders equity
Net plant and equipment		150,000			Common stock plus additional paid-in capital		15,000
					Retained earnings		54,000
Total assets	$	190,000			Total liabilities and stockholders' equity	$	190,000

Sales and costs are projected to grow at 20% a year for at least the next 4 years. Both current assets and accounts payable are projected to rise in proportion to sales. The firm is currently operating at full capacity, so it plans to increase fixed assets in proportion to sales. Interest expense will equal 10% of long-term debt outstanding at the start of the year. The firm will maintain a dividend payout ratio of 0.50.

What is the required external financing over the next year? (Negative amounts should be indicated by a minus sign.)