Sales and costs are projected to grow at 40% a year for at least the next 4 years. Both current assets and accounts payable are projected to rise in proportion to sales. The firm is currently operating at 70% capacity, so it plans to Increase fixed assets in proportion to sales. Interest expense will equal 10% of long-term debt outstanding at the start of the year. The firm will maintain a dividend payout ratio of 0.60. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.) External financing The 2019 financial statements for Growth Industries are presented below. Check my work INCOME STATEMENT, 2019 Sales Costs EBIT Interest expense Taxable income Taxes (at 213) Net income Dividends $ 28, 440 Addition to retained earnings $ 18,960 $ 250,000 175,000 $ 75,000 15,000 $ 60,000 12,600 $ 47,400 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment BALANCE SHEET, YEAR-END, 2019 Liabilities Current liabilities $ 8,000 Accounts payable 13,000 Total current liabilities 29,000 Long-term debt $ 50,000 Stockholders' equity 190,000 Common stock plus additional paid in capital $ 15,000 $ 15,000 150,000 15,000 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment 8,000 13,000 29,000 50,000 190.000 END, 2019 Liabilities Current liabilities Accounts payable Total current liabilities Long-tere debt Stockholders' equity Common stock plus additional paid in capital Retained earnings Total liabilities plus stockholders' equity $ 15,000 $ 15,00 150,000 $ Total assets $ 240,000 15,000 60.000 $ 240,000