The 2017 financial statements for Growth Industries are presented below.

INCOME STATEMENT, 2017

Sales $ 230,000

Costs 165,000

EBIT $ 65,000

Interest expense 13,000

Taxable income $ 52,000

Taxes (at 35%) 18,200

Net income $ 33,800

Dividends $ 13,520

Addition to retained earnings 20,280

BALANCE SHEET, YEAR-END, 2017

Assets Liabilities

Current assets Current liabilities

Cash $ 6,000 Accounts payable $ 13,000

Accounts receivable 11,000 Total current liabilities $ 13,000

Inventories 23,000 Long-term debt 130,000

Total current assets $ 40,000 Stockholders' equity

Net plant and equipment 170,000 Common stock plus additional paid-in capital 15,000

Retained earnings 52,000

Total assets $ 210,000 Total liabilities and stockholders' equity $ 210,000

Sales and costs are projected to grow at 20% 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 75% 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 0.40.

QUESTION: What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.)