The 2019 financial statements for Growth Industries are presented below. Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends Addition to retained earnings Current assets Cash INCOME STATEMENT, 2019 Total assets Assets Accounts receivable Inventories Total current assets Net plant and equipment $36,024 $ 24,016 BALANCE SHEET, YEAR-END, 2019 $ 5,000 10,000 25,000 $ 40,000 230,000 $ 290,000 195,000 $ 95,000 19,000 $ 76,000 15,960 $ 60,040 $ 270,000 Liabilities Current liabilities Accounts payable Total current liabilities Long-term debt Stockholders' equity Common stock plus additional paid-in capital Retained earnings. Total liabilities plus stockholders' equity What is the required external financing over the next year? Note: Enter excess cash as a negative number with a minus sign. $ 12,000 $ 12,000 190,000 15,000 53,000 $ 270,000 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 0.60.

The 2019 financial statements for Growth Industries are presented below. 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 yeat. The firm will maintain a dividend payout ratio of 0.60 . What is the required external financing over the next year? Note: Enter excess cosh os a negative number with o minus sign