The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2010 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, and accounts payable increase spontaneously with sales. The tax rate is 35 percent.

MOOSE TOURS, INC.

2009 Income Statement

Sales

$

931,000

Costs

721,000

Other expenses

19,000

Earnings before interest and taxes

$

191,000

Interest expense

11,000

Taxable income

$

180,000

Taxes

63,000

Net income

$

117,000

Dividends

$

35,100

Addition to retained earnings

81,900

MOOSE TOURS, INC.
Balance Sheet as of December 31, 2009
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	26,500		Accounts payable	$	66,600
Accounts receivable		41,700		Notes payable		15,100
Inventory		87,300		Total	$	81,700
Total	$	155,500		Long-term debt	$	154,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	138,000
Net plant and equipment	$	429,000		Retained earnings		210,800
				Total	$	348,800
Total assets	$	584,500		Total liabilities and owners equity	$	584,500
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?