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The most recent financial statements for Locke, Inc., are shown here: INCOME STATEMENT BALANCE SHEET Sales $ 53,000 Assets $ 117,300 Debt $ 35,400 Costs

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

INCOME STATEMENT

BALANCE SHEET

Sales

$

53,000

Assets

$

117,300

Debt

$

35,400

Costs

43,300

Equity

81,900

Taxable income

$

9,700

Total

$

117,300

Total

$

117,300

Taxes (23%)

2,231

Net income

$

7,469

Assets and costs are proportional to sales; debt and equity are not. A dividend of $3,000 was paid, and the company wishes to maintain a constant payout ratio. Next years sales are projected to be $63,600.

What is the external financing needed? (Do not round intermediate calculations and enter your answer to the nearest whole number, e.g., 32.)

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