Problem 17-11

The most recent financial statements for Martin, Inc., are shown here:

Income Statement
Sales	$	22,000
Costs		(13,200)
Taxable income	$	8,800
Taxes (40%)		(3,520)
Net income	$	5,280

Balance Sheet
Assets	$	61,600		Debt	$	25,000
				Equity		36,600
Total	$	61,600		Total	$61,600

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $880 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $25,740. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

EFN

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