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Below are the 2019 income statement and balance sheet of Happy water, Inc. Assuming the company's...

Below are the 2019 income statement and balance sheet of Happy water, Inc. Assuming the company's fixed assets are operating at 100% capacity and the company expect 20% growth in sales in 2020. If the tax rate and payout ratio in 2020 are the same as those in 2019, what is the external financing needs in 2020?

Income Statement 2019
Sales 150
Costs 100
EBIT 50
Interest exp. 10
EBT 40
Tax 8
NI 32
Dividends 16
RE 16
Balance Sheet 12/31/2019
Assets Liabilities
Cash 15 Acct Pay 20
Acct Recv 30 Notes Pay 40
Inventory 70
Current Assets 115 LT Debt 150
Total Liabilities 210
Fixed Assets 190 Common Stock 50
RE 45
Total Equity 95
Total Assets 305 Total Liabilities & Equity 305
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