The most recent financial statements for Cardinal, Inc., are shown here:


Income Statement Balance Sheet
Sales $ 32,600 Assets $ 76,400 Debt $ 39,500
Costs 18,600 Equity 36,900


Taxable income $ 14,000 Total $ 76,400 Total $ 76,400


Taxes (22%) 3,080

Net income $ 10,920


Assets and costs are proportional to sales. Debt and equity are not. A dividend of $4,100 was paid, and the company wishes to maintain a constant payout ratio. Next year’s sales are projected to be $37,816.

What is the external financing needed? (Do not round intermediate calculations.)