The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Balance Sheet Sales $22,600 Assets $115,000 Debt $34,600 Costs 16,100 Equity 80,400 Taxable income $6,500 Total $115,000 Total $115,000 Taxes (24%) 1,560 Net income $4,940 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,510 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $27,900. What is the external financing needed?

Multiple Choice

$17,965

$206,624

$16,773

$19,158

$22,735