VIEW + Saved Help Save & c INCOME STATEMENT, 2019 Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends $ 26,544 Addition to retained earnings $ 61,936 $ 380,000 240,000 $ 140,000 28,000 $ 112,000 23,520 $ 88,480 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment BALANCE SHEET, YEAR-END, 2019 Liabilities Current liabilities $ 7,000 Accounts payable 12,000 Total current liabilities 31,000 Long-term debt $ 50,000 Stockholders' equity 320,000 Common stock plus additional paid-in capital Retained earnings $ 370,000 Total liabilities plus stockholders' equity $ 14,000 $ 14,000 280,000 15,000 61,000 $ 370,000 Total assets Sales and costs are projected to grow at 20% a year for at least the next 4 years. Both current assets and accounts payable are projected to rise in proportion to sales. The firm is currently operating at 75% capacity, so it plans to increase fixed assets in proportion to sales. Interest expense will equal 10% of long-term debt outstanding at the start of the year. The firm will maintain a dividend payout ratio of 0.30. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.)