Problem 4-24 Calculating EFN (LO2] The most recent financial statements for Crosby, Inc., follow. Sales for 2018 are projected to grow by 30 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. CROSBY, INC. 2017 Income Statement Sales Costs Other expenses $749,000 584,000 20,000 Earnings before interest and taxes Interest paid $ 145,000 16,000 Taxable income Taxes (21%) $ 129,000 27,090 Net income $ 101,910 Dividends Addition to retained earnings $31,592 70,318 CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 20,840 Accounts payable $ 55,000 Accounts receivable 43,780 Notes payable 14,200 Inventory 93,960 Total $ 69,200 Total $ 158,580 Long-term debt $ 132,000 Fixed assets Net plant and equipment $425,000 Owners' equity Common stock and paid-in & 110 surplus Retained earnings 266,880 Total $382,380 Total assets $583,580 Total liabilities and owners' equity $583,580 If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 30 percent growth rate in sales? (Do not round intermediate calculations.) EFN