The most recent financial statements for Fleury, Inc., follow. Sales for 2015 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Cost other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. 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?

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FLEURY, INC. 2014 Income Statement Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income $891,600 693,600 18,240 $179,760 13,400 $166,360 58,226 $108,134 | Taxes (35%) Net income $35,684 72,450 Dividends Addition to retained earnings FLEURY, INC. Balance Sheet as of December 31, 2014 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 24,280 37,070 83,400 $144,750 65,200 16,320 $ 81,520 $155,000 Accounts payable Notes payable Accounts receivable Total Fixed assets Total Long-term debt Owners' equity Net plant and equipment $396,500 Common stock and paid-in surplus Retained earnings $130,000 174,730 S304,730 $541,250 Total Total assets $541,250 Total liabilities and owners' equity