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The most recent financial statements for Crosby, Inc., follow. Sales for 2018 are projected to grow...

The most recent financial statements for Crosby, Inc., follow. Sales for 2018 are projected to grow by 25 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, INC.
2017 Income Statement
  Sales $ 760,000
  Costs 595,000
  Other expenses 31,000
  Earnings before interest and taxes $ 134,000
  Interest paid 27,000
  Taxable income $ 107,000
  Taxes (22%) 23,540
  Net income $ 83,460
  Dividends $ 25,038
  Addition to retained earnings 58,422
CROSBY, INC.
Balance Sheet as of December 31, 2017
Assets Liabilities and Owners’ Equity
  Current assets   Current liabilities
    Cash $ 21,940     Accounts payable $ 56,100
    Accounts receivable 44,880     Notes payable 15,300
    Inventory 104,960       Total $ 71,400
      Total $ 171,780   Long-term debt $ 143,000
  Fixed assets   Owners’ equity
    Net plant and equipment $ 436,000     Common stock and paid-in surplus $ 121,000
    Retained earnings 272,380
      Total $ 393,380
  Total assets $ 607,780   Total liabilities and owners’ equity $ 607,780

If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 25 percent growth rate in sales? (Do not round intermediate calculations.)

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