SCOTT, INC. Balance Sheet as of December 31, 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 20,640 Accounts payable $ 54,800 Accounts receivable 43,580 Notes payable 14,000 Inventory 91,960 Total $ 68,800 Total $ 156,180 Long-term debt $ 130,000 Fixed assets Net plant and equipment $423,000 Owners' equity Common stock and paid-in $114.500 surplus Retained earnings 265,880 Total $380,380 Total assets $ 579,180 Total liabilities and owners' equity $ 579,180 If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 20 percent growth rate in sales? (Do not round intermediate calculations.) EFN $ 5,856 The most recent financial statements for Scott, Inc., appear below. Sales for 2020 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate also will remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. SCOTT, INC. 2019 Income Statement Sales Costs Other expenses $ 747,000 582,000 18,000 Earnings before interest and taxes Interest expense $ 147,000 14,000 Taxable income Taxes (24%) $ 133,000 31,920 Net income $ 101,080 $ 31,335 Dividends Addition to retained earnings 69,745