The 2017 financial statements for Growth Industries are presented below.

INCOME STATEMENT, 2017

Sales $ 220,000

Costs 160,000

EBIT $ 60,000

Interest expense 12,000

Taxable income $ 48,000

Taxes (at 35%) 16,800

Net income $ 31,200

Dividends $ 18,720

Addition to retained earnings 12,480

BALANCE SHEET, YEAR-END, 2017

Assets Liabilities

Current assets Current liabilities

Cash $ 5,000 Accounts payable $ 12,000

Accounts receivable 10,000 Total current liabilities $ 12,000

Inventories 25,000 Long-term debt 120,000

Total current assets $ 40,000 Stockholders' equity

Net plant and equipment 160,000 Common stock plus additional paid-in capital 15,000

Retained earnings 53,000

Total assets $ 200,000 Total liabilities and stockholders' equity $ 200,000

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.)