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 Addition to retained earnings $ 330,000 215,000 $ 115,000 23,000 $ 92,000 19,320 $ 72,680 $ 43,608 $ 29,072 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment BALANCE SHEET, YEAR-END, 2019 Liabilities Current liabilities $ 9,000 Accounts payable 14,000 Total current liabilities 37,000 Long-term debt $ 60,000 Stockholders' equity 270,000 Common stock plus additional paid-in capital Retained earnings $ 330,000 Total liabilities plus stockholders' equity $ 16,000 $ 16,000 230,000 15,000 69,000 $ 330,000 Total assets 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 0.60. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.) External financing 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 Addition to retained earnings $ 330,000 215,000 $ 115,000 23,000 $ 92,000 19,320 $ 72,680 $ 43,608 $ 29,072 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment BALANCE SHEET, YEAR-END, 2019 Liabilities Current liabilities $ 9,000 Accounts payable 14,000 Total current liabilities 37,000 Long-term debt $ 60,000 Stockholders' equity 270,000 Common stock plus additional paid-in capital Retained earnings $ 330,000 Total liabilities plus stockholders' equity $ 16,000 $ 16,000 230,000 15,000 69,000 $ 330,000 Total assets 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 0.60. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.) External financing