The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2016 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. MOOSE TOURS, INC. 2015 Income Statement Sales $ 740,000 Costs 597,000 Other expenses 18,000 Earnings before interest and taxes $ 125,000 Interest expense 12,000 Taxable income $ 113,000 Taxes (40%) 45,200 Net income $ 67,800 Dividends $ 32,400 Addition to retained earnings 35,400 MOOSE TOURS, INC. Balance Sheet as of December 31, 2015 Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 22,140 Accounts payable $ 56,300 Accounts receivable 34,460 Notes payable 15,500 Inventory 71,420 Total $ 71,800 Total $ 128,020 Long-term debt $ 121,000 Fixed assets Owners’ equity Net plant and equipment $ 260,000 Common stock and paid-in surplus $ 131,000 Retained earnings 64,220 Total $ 195,220 Total assets $ 388,020 Total liabilities and owners’ equity $ 388,020 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 and round your answer to the nearest whole number, e.g., 32.) External financing needed $