Problem 19-11 EFN (L04, CFA8)

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

Income Statement
Sales	$20,500
Costs	12,300
Taxable income	$8,200
Taxes (21%)	1,722
Net income	$6,478

Balance Sheet
Assets	$77,900		Debt	$33,000
			Equity	44,900
Total	$77,900		Total	$77,900

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $865 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $23,780. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)