The The most recent financial statements for Crosby, Incorporated, follow. Sales for $2024$ are projected to grow by $20$ 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.

CROSBY, INCORPORATED

$2023$ Income Statement

Sales $ $750,000$

Costs $585,000$

Other expenses $21,000$

Earnings before interest and taxes $ $144,000$

Interest paid $17,000$

Taxable income $ $127,000$

Taxes $(22\%)27,940$

Net income $ $99,060$

Dividends $ $29,718$

Addition to retained earnings $69,342$

CROSBY, INCORPORATED

Balance Sheet as of December $31,2023$

Assets Liabilities and Owners$$ Equity

Current assets Current liabilities

Cash $ $20,940$ Accounts payable $ $55,100$

Accounts receivable $43,880$ Notes payable $14,300$

Inventory $94,960$ Total $ $69,400$

Total $ $159,780$ Long$-$term debt $ $133,000$

Fixed assets Owners$$ equity

Net plant and equipment $ $426,000$ Common stock and paid$-$in surplus $ $116,000$

Accumulated retained earnings $267,380$

Total $ $383,380$

Total assets $ $585,780$ Total liabilities and owners$$ equity $ $585,780$

If the firm is operating at full capacity and no new debt or equity is issued, what is the external financing needed to support the $20$ percent growth rate in sales?most recent financial statements for Crosby, Incorporated, follow. Sales for $2024$ are projected to grow by $20$ 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.

CROSBY, INCORPORATED

$2023$ Income Statement

Sales $ $750,000$

Costs $585,000$

Other expenses $21,000$

Earnings before interest and taxes $ $144,000$

Interest paid $17,000$

Taxable income $ $127,000$

Taxes $(22\%)27,940$

Net income $ $99,060$

Dividends $ $29,718$

Addition to retained earnings $69,342$

CROSBY, INCORPORATED

Balance Sheet as of December $31,2023$

Assets Liabilities and Owners$$ Equity

Current assets Current liabilities

Cash $ $20,940$ Accounts payable $ $55,100$

Accounts receivable $43,880$ Notes payable $14,300$

Inventory $94,960$ Total $ $69,400$

Total $ $159,780$ Long$-$term debt $ $133,000$

Fixed assets Owners$$ equity

Net plant and equipment $ $426,000$ Common stock and paid$-$in surplus $ $116,000$

Accumulated retained earnings $267,380$

Total $ $383,380$

Total assets $ $585,780$ Total liabilities and owners$$ equity $ $585,780$

If the firm is operating at full capacity and no new debt or equity is issued, what is the external financing needed to support the $20$ percent growth rate in sales?