The following is the financial statement of Executive Fruit Company for the year ended December 2014. The following are the first stage and second stage pro form financial statements of Executive Fruit Company for the year ended December 2015. How would Executive Fruit's financial model change if the dividend payout ratio were cut to 1/3? Use the revised model to generate a new financial plan for 2015 assuming that debt is the balancing item. What would be the required external financing? The right-hand side of the balance sheet becomes (Do not round intermediate calculations.)