The most recent financial statements for Cornell, Inc., are shown here:

INCOME STATEMENT				BALANCE SHEET
Sales	$	26,500		Assets	$	60,100		Debt	$	27,500
Costs		18,200						Equity		32,600
Taxable income	$	8,300		Total	$	60,100		Total	$	60,100
Taxes (40%)		3,320
Net income	$	4,980

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,800 was paid, and the company wishes to maintain a constant payout ratio. Next years sales are projected to be $30,475. What is the external financing needed? (Do not round intermediate calculations.) External financing needed