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The most recent financial statements for Cardinal, Incorporated, are shown here: Income Statement Balance Sheet Sales Costs $ 23,700 Assets Debt $ 34,600 109,000

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The most recent financial statements for Cardinal, Incorporated, are shown here: Income Statement Balance Sheet Sales Costs $ 23,700 Assets Debt $ 34,600 109,000 16,200 Equity 74,400 Taxable $ 7,500 Total Total 109,000 109,000 income Taxes (23%) Net income 1,725 $5,775 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,5 was paid, and the company wishes to maintain a constant payout ratio. Next year's sa are projected to be $28,400. What is the external financing needed?

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