The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2016 are projected to grow by 25 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. MOOSE TOURS, INC. 2015 Income Statement Sales $ 745,000 Costs 580,000 Other expenses 16,000 Earnings before interest and taxes $ 149,000 Interest expense 12,000 Taxable income $ 137,000 Taxes (20%) 27,400 Net income $ 109,600 Dividends $ 21,920 Addition to retained earnings 87,680 MOOSE TOURS, INC. Balance Sheet as of December 31, 2015 Assets Liabilities and Owners Equity Current assets Current liabilities Cash $ 20,440 Accounts payable $ 54,600 Accounts receivable 32,760 Notes payable 13,800 Inventory 69,720 Total $ 68,400 Total $ 122,920 Long-term debt $ 128,000 Fixed assets Owners equity Net plant and equipment $ 480,000 Common stock and paid-in surplus $ 114,000 Retained earnings 292,520 Total $ 406,520 Total assets $ 602,920 Total liabilities and owners equity $ 602,920

If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 25 percent growth rate in sales? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

External financing needed $