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The most recent financial statements for Martin, Inc., are shown here: Income Statement Sales $ 29,500 Costs (11,400 ) Taxable income $ 18,100 Taxes(34%) (6,154

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

Income Statement
Sales $ 29,500
Costs (11,400 )
Taxable income $ 18,100
Taxes(34%) (6,154 )
Net income $ 11,946

Balance Sheet
Assets $ 82,600 Debt $ 30,000
Equity 52,600
Total $ 82,600 Total $ 82,600

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,135 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $34,220. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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