P4-4 EFN [LO2] The most recent financial statements for Cardinal, Inc., are shown here: Assets Income Statement Sales $22,100 Costs 17,400 Taxable $4,700 income Taxes (22%) 1,034 Net income $3,666 Balance Sheet $124,000 Debt Equity $124,000 Total $34,600 89,400 Total $124,000 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,560 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $27,800. What is the external financing needed? Multiple Choice