1. The most recent financial statements for Assouad, Inc., are shown here:

Income Statement		Balance Sheet
Sales	$3,500	Current assets	$4,900	Current liabilities	$850
Costs	2,300	Fixed assets	5,400	Long-term debt	3,600
Taxable income	$1,200			Equity	5,850
Taxes (23%)	276	Total	$10,300	Total	$10,300
Net income	$924

Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 50 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 25 percent. What is the external financing needed?