The most recent financial statements for Assouad, Incorporated, are shown here: Income Statement Balance Sheet Sales $ 8,700 Current assets $ 4,200 Current liabilities $ 1,900 Costs 5,600 Fixed assets 10,400 Long-term debt 3,800 Taxable income $ 3,100 Equity 8,900 Taxes (25%) 775 Total $ 14,600 Total $ 14,600 Net income $ 2,325 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 years sales are projected to increase by exactly 15 percent. What is the external financing