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The most recent financial statements for Martin, Inc., are shown here: Income Statement Sales $ 2 9 , 5 0 0 Costs 1 7 ,

The most recent financial statements for Martin, Inc., are shown here:
Income Statement
Sales $29,500
Costs 17,700
Taxable income $11,800
Taxes (21%)2,478
Net income $9,322
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 $1,120 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $34,515. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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