The 2019 financial statements for Growth Industries are presented below.

INCOME STATEMENT, 2019

Sales $230,000

Costs 210,000

EBIT $110,000

Interest expense 22,000

Taxable income $88,000

Taxes (at 21%) 18,840

Net income $69,520

Dividends $34,760

Addition to retained earnings $34,760

BALANCE SHEET, YEAR-END, 2019

Assets Liabilities

Current assets Current liabilities

Cash $8,000 Accounts payable $15,000

Accounts receivable 13,000 Total current liabilities $15,000

Inventories 39,000 Long-term debt 220,000

Total current assets $60,000 Stockholders' equity

Net plant and equipment 260,000 Common stock plus addl paid-in capital 15,000

Total assets $320,000 Retained earnings 70,000

Total liabilities plus stockholders' equity $320,000

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 0.50.

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