The 2019 financial statements for Growth Industries are presented below.

INCOME STATEMENT, 2019

Sales $ 260,000

Costs 180,000

EBIT $ 80,000

Interest expense 16,000

Taxable income $ 64,000

Taxes (at 21%) 13,440

Net income $ 50,560

Dividends $ 15,168

Addition to retained earnings $ 35,392

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 160,000 Total current assets $ 50,000 Stockholders equity Net plant and equipment 200,000 Common stock plus additional paid-in capital 15,000 Retained earnings 59,000 Total assets $ 250,000 Total liabilities plus stockholders' equity $ 250,000

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 0.30. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.)