The most recent financial statements for Locke, Inc., are shown here: INCOME STATEMENT BALANCE SHEET Sales $55,000 Assets $120,500 Debt $ 37,200 Costs 45,100 Equity 83,300 Total $120,500 Taxable $ 9,900 income Taxes (25%) 2,475 Total $120,500 Net income $ 7,425 Assets and costs are proportional to sales; debt and equity are not. A dividend of $3,200 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $63,800. What is the external financing needed? (Do not round intermediate calculations and enter your answer to the nearest whole number, e.g., 32.) External financing needed