The 2019 financial statements for Growth Industries are presented below.

INCOME STATEMENT, 2019 Sales $ 320,000 Costs 210,000 EBIT $ 110,000 Interest expense 22,000 Taxable income $ 88,000 Taxes (at 21%) 18,480 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 additional paid-in capital 15,000 Retained earnings 70,000 Total assets $ 320,000 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.)