The balance sheet and income statement shown below are for Pettijohn Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over.

Tax rate		40%
Stock price		$17.00
Shares outstanding		3,800,000
Dividends are 50% of net income

	Income Statement
	Period Ending				31-Dec-13
	Total Revenue				148,239,000
	COGS				118,094,000
	Selling General and Administrative				13,384,000
	Depreciation				72,000
	Earnings Before Interest And Taxes				16,689,000
	Interest Expense				829,000
	Income Before Tax				15,860,000
	Income Tax Expense (40%)				6,344,000
	Net Income				9,516,000
	Balance Sheet
	Date			31-Dec-13
	Assets
	Current Assets
		Cash		14,468,000
		Net Receivables		98,359,000
		Inventory		18,758,000
	Total Current Assets			131,585,000
	Property Plant and Equipment			70,441,000
	Total Assets			202,026,000
	Liabilities
	Current Liabilities
		Accounts Payable		22,446,500
		Accruals		14,315,500
		Notes Payable		3,631,000
	Total Current Liabilities			40,393,000
	Long Term Debt			134,919,000
	Total Liabilities			175,312,000
	Stockholders' Equity
	Common Stock			40,000
	Retained Earnings			26,674,000
	Total Stockholder Equity			26,714,000
	Total Assets			202,026,000

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Calculate the additional or external funds needed if the firm is expecting a growth rate of 10% next year. The firm is currently operating at 95% of capacity and the fixed assets can only by $10,000,000 increments.