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The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Sales $23,200 Assets Costs 16,900 Taxable $6,300 Total Income Taxes (22%) 1,386

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The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Sales $23,200 Assets Costs 16,900 Taxable $6,300 Total Income Taxes (22%) 1,386 Net Income $4,914 Balance Sheet $107,000 Debt Equity $107.000 Total $31,600 75,400 $107.000 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,530 was pald, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $29,100. What is the external financing needed? Multiple Choice $197,186 $22.967 $17.404 $19,629 $18,517

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