Problem 4-24 Calculating EFN [LO2] The most recent financial statements for Fleury Inc., follow. Sales for 2015 are projected to grow by 25 percent. Interest expense will remain constant, the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets and accounts payable increase spontaneously with sales FLEURY, INC 2014 Income Statement Sales Costs Other expenses $745,000 580,000 16,000 Earnings before interest and taxes Interest paid $149,000 12,000 Taxable income Taxes (20%) $137,000 27,400 Net income $109,600 Dividends Addition to retained earnings $21,920 87,680 FLEURY, INC Balance Sheet as of December 31, 2014 Assets Liabilities and Owners' Equity Current assets Current liabilities $ 54,600 Cash Accounts receivable $ 20,440 Accounts payable 13,800 $68,400 $128,000 $114,000 32,760 Notes payable Inventory Total 69,720 $122,920 $480,000 Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Fixed assets Net plant and equipment 292,520 $406,520 $602,920 Total Total assets $ 602,920 Total liabilities and owners' equity If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 25 percent growth rate in sales? (Do not round intermediate calculations.) EFN