The most recent financial statements for Fleury Inc., follow. Sales for 2015 are projected to grow by 25 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets and accounts payable increase spontaneously with sales.

If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 25 percent growth rate in sales? (What is the EFN?)

FLEURY, INC. 2014 Income Statement Sales Costs Other expenses $ 752,000 587,000 23,000 Earnings before interest and taxes Interest paid $ 142,000 12,000 Taxable income Taxes (30%) $ 130,000 39,000 Net income $ 91,000 Dividends Addition to retained earnings $ 27,300 63,700 Assets Current assets Cash Accounts receivable FLEURY, INC. Balance Sheet as of December 31, 2014 Liabilities and Owners' Equity Current liabilities $ 21,140 Accounts payable $ 55,300 33,460 Notes payable 14,500 Inventory 70,420 Total $ 69,800 $ 125,020 Total Fixed assets Net plant and equipment $360,000 Long-term debt $ 135,000 Owners' equity Common stock and paid-in surplus $ 121,000 Retained earnings 159,220 Total $280,220 Total assets $ 485,020 Total liabilities and owners' equity $ 485,020