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Use the below information to answer the following question. Income Statement For the Year Sales Cost of goods sold Depreciation $36,200 27,900 2,950 Earnings before interest and taxes Interest paid $ 5,350 1,180 Taxable income Taxes $ 4,170 1,270 Net income $ 2,900 Dividends $870 Balance Sheet End-of-Year Cash Accounts receivable Inventory $ 350 3,150 8,300 Total current assets Net fixed assets $11,800 27,600 Total assets $39,400 Accounts payable Long-term debt Common stock ($1 par value) Retained earnings $ 3,950 14,700 12,500 8,250 Total Liab. & Equity $39,400 This firm is currently operating at full capacity. The profit margin and the dividend payout ratio are held constant. Net working capital and fixed assets vary directly with sales. Sales are projected to increase by 11 percent. What is the external financing needed? Please include all steps to solve