Problem 19-11 EFN (L04, CFA8)

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

Income Statement
Sales	$24,550
Costs	14,730
Taxable income	$9,820
Taxes (21%)	2,062
Net income	$7,758

Balance Sheet
Assets	$93,290		Debt	$33,000
			Equity	60,290
Total	$93,290		Total	$93,290

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $955 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $29,951. What is the external financing needed?