The most recent financial statements for Assouad, Inc., are shown here: Income Statement Sales $4,200 Current assets $3,800 Costs Taxable income $2,300 Taxes (24%) Net income $1,748 1,900 Fixed assets 552 Total Balance Sheet Current liabilities What is the external financing needed? 5,300 Long-term debt Equity $9,100 Total $900 3,490 4,710 $9,100 Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 40 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 20 percent.