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1 The 2019 nancial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales $ 300,000 7-33 Costs 200,000 points EBIT $ 100,000 Interest expense 20,000 Taxable income $ 80,000 Taxes (at 2195) 16,800 El Net income $ 63,200 eBook Dividends $ 18,960 Addition to retained earnings $44,240 I HEP Print BALANCE SHEET, YEAREND, 2019 Assets Liabilities Current assets Current liabilities Cash $ 6,000 Accounts payable $ 13,000 Accounts receivable 11,000 Total current liabilities $ 13,000 Inventories 33,000 Longterm debt 200,000 Total current assets $ 50,000 Stockholders' equity Net plant and equipment 240,000 Common stock plus additional paidin capital 15,000 Retained earnings 62,000 Total assets $290,000 Total liabilities plus stockholders' equity $ 290.000 Sales and costs are projected to grow at 30% a year for at least the next 4 years. Both current assets and accounts payable are projected to rise in proportion to sales. The rm is currently operating at 75% 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 rm will maintain a dividend payout ratio of 0.30. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.) External nancing _