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

Income Statement		Balance Sheet
Sales	$22,900	Assets	$113,000	Debt	$31,600
Costs	16,600			Equity	81,400
Taxable income	$6,300	Total	$113,000	Total	$113,000
Taxes (30%)	1,890
Net income	$4,410

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,500 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $29,200.

Required:

What is the external financing needed?

Multiple Choice

• $216,281

• $22,708

• $27,377

• $21,541

• $23,876