The 2019 financial statements for Growth Industries are presented below.

INCOME STATEMENT, 2019

Sales $400,000

Costs 250,000

EBIT $150,000

Interest expense 30,000

Taxable income $120,000T

axes (at 21%) 25,200

Net income $94,800

Dividends $47,400

Addition to retained earnings $47,400

BALANCE SHEET, YEAR-END, 2019

Assets Liabilities

Current assets Current liabilities

Cash $9,000 Accounts payable $16,000

Accounts receivable 14,000 Total current liabilities $16,000

Inventories 27,000 Long-term debt 300,000

Total current assets $50,000 Stockholders' equity

Net plant and equipment 340,000 Common stock plus additional paid-in capital 15,000

Retained earnings 59,000

Total assets $390,000 Total liabilities plus stockholders' equity $390,000

Sales and costs are projected to grow at 30% 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.)

External Financing _______________