The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Balance Sheet Sales $ 32,200 Assets $ 75,600 Debt $ 38,800 Costs 18,550 Equity 36,800 Taxable income $ 13,650 Total $ 75,600 Total $ 75,600 Taxes (22%) 3,003 Net income $ 10,647 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $4,000 was paid, and the company wishes to maintain a constant payout ratio. Next years sales are projected to be $37,030. What is the external financing needed? (Do not round intermediate calculations.) External financing needed $ 1,561