The 2019 financial statements for Growth Industries are presented below.

INCOME STATEMENT, 2019

Sales $340,000

Costs 220,000

EBIT $120,000

Interest expense 24,000

Taxable income $96,000

Taxes (at 21%) 20,160

Net income $75,840

Dividends $22,752

Addition to retained earnings $53,088

BALANCE SHEET, YEAR-END, 2019

Assets Liabilities

Current assets Current liabilities

Cash $3,000 Accounts payable $10,000

Accounts receivable8,000 Total current liabilities $10,000

Inventories29,000 Long-term debt 240,000

Total current assets$40,000 Stockholders' equity

Net plant and equipment280,000 Common stock plus additional paid-in capital15,000

Retained earnings55,000

Total assets $320,000 Total liabilities plus stockholders' equity $320,000

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 0.30.

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