The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2016 are projected to grow by either 20, 25, or 35 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				$	757,000
Costs					592,000
Other expenses					13,000
Earnings before interest and taxes				$	152,000
Interest expense					15,000
Taxable income				$	137,000
Taxes					41,100
Net income				$	95,900
Dividends	$	21,920
Addition to retained earnings		73,980

MOOSE TOURS, INC. Balance Sheet as of December 31, 2015
Assets				Liabilities and Owners' Equity
Current assets				Current liabilities
Cash	$	21,800		Accounts payable	$	55,800
Accounts receivable		33,300		Notes payable		14,800
Inventory		70,920
				Total	$	70,600
Total	$	126,020		Long-term debt	$	140,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	126,000
Net plant and equipment	$	390,000		Retained earnings		179,420
				Total	$	305,420
Total assets	$	516,020		Total liabilities and owners equity	$	516,020

Complete the pro forma income statements below. (Input all amounts as positive values. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

MOOSE TOURS, INC. Pro Forma Income Statement
	20 % Sales Growth			25 % Sales Growth			35 % Sales Growth
Sales	$			$			$
Costs
Other expenses
EBIT	$			$			$
Interest
Taxable income	$			$			$
Taxes (30%)
Net income	$			$			$
Dividends	$			$			$
Add to RE

If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 20 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

$

Assume the firm is operating at full capacity, no new debt or equity is issued, and the firm wants to keep its debtequity ratio constant. 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

$

Assume the firm is operating at full capacity, no new debt or equity is issued, and the firm wants to keep its debtequity ratio constant. What external financing is needed to support the 35 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

$