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The most recent financial statements for Scott, Inc., appear below. Sales for 2020 are projected to grow by 20 percent. Interest expense will remain constant;

The most recent financial statements for Scott, Inc., appear below. Sales for 2020 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate also will remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales.

SCOTT, INC. 2019 Income Statement
Sales $ 747,000
Costs 582,000
Other expenses 18,000
Earnings before interest and taxes $ 147,000
Interest expense 14,000
Taxable income $ 133,000
Taxes (24%) 31,920
Net income $ 101,080
Dividends $ 31,335
Addition to retained earnings 69,745

SCOTT, INC. Balance Sheet as of December 31, 2019
Assets Liabilities and Owners Equity
Current assets Current liabilities
Cash $ 20,640 Accounts payable $ 54,800
Accounts receivable 43,580 Notes payable 14,000
Inventory 91,960 Total $ 68,800
Total $ 156,180 Long-term debt $ 130,000
Fixed assets Owners equity
Net plant and equipment $ 423,000 Common stock and paid-in surplus $ 114,500
Retained earnings 265,880
Total $ 380,380
Total assets $ 579,180 Total liabilities and owners equity $ 579,180

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.)

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