Q3 C.

The financial statement of Dolly & Company is as follows:

Income Statement
Sales	26,400
Costs	17,300
Taxable Income	9,100
Taxes 40%	3,640
Net Income	5,460

Balance Sheet
Assets	65,000	Debt	27,400
		Equity	37,600
Total	65,000	Total	65,000

Assets and Costs are proportional to sales. Debt and Equity are not. A dividend of 3,200 was paid and the company wishes to maintain a constant payout ratio (dividend). Next years sales are projected to be 30,360. What is the external financing required?