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 $ 22,752 Addition to retained earnings $ 15,168 $ 220,000 160,000 $ 60,000 12,000 48,000 10,080 $ 37,920 $ 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 160,000 Common stock plus additional paid-in capital Retained earnings Total liabilities plus stockholders' equity 12,000 12,000 120,000 $ 15,000 53,000 $ 200,000 Total assets 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.) External financing