The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends $ 36,024 Addition to retained earnings $ 24,016 $ 290,000 195,000 $ 95,000 19,000 $ 76,000 15, 960 $ 60, 040 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment BALANCE SHEET, YEAR-END, 2019 Liabilities Current liabilities $ 5,000 Accounts payable 10,000 Total current liabilities 25,000 Long-term debt $ 40,000 Stockholders' equity 230,000 Common stock plus additional paid-in capital Retained earnings $ 270,000 Total liabilities plus stockholders' equity $ 12,000 $ 12,000 190,000 15,000 53,000 $ 270,000 Total assets 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 0.60. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.)