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

Income Statement
Sales	$19,000
Costs	11,400
Taxable income	$7,600
Taxes (21%)	1,596
Net income	$6,004

Balance Sheet
Assets	$72,200		Debt	$40,000
			Equity	32,200
Total	$72,200		Total	$72,200

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,000 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $23,750. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)