P4-5 EFN (LO2] The most recent financial statements for Summer Tyme, Inc., are shown here: $920 Income Statement Balance Sheet Current Sales $3,800 Current assets $4,200 liabilities Costs 1,800 Fixed assets Long-term 6.100 debt Taxable income $2,000 Equity Taxes (31%) 620 Total $10,300 Total Net income $1,380 3,670 5,710 $10,300 Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 50 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 20 percent. Required: What is the external financing needed? (Do not round your intermediate calculations.) Multiple Choice $734 $1,048 $734 ( O $1,048 O O $1,232 $998 $1.098