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Problem 12-06 Additional Funds NeededThe Booth Company's sales are forecasted to double from $1,000in 2016 to $2,000 in 2017. Here is the December 31, 2016, balancesheet:Cash $ 100Accounts payable $ 50Accounts receivable 200Notes payable 150 Inventories 200 Accruals 50 Net fixed assets500 Long-term debt 400 Common stock 100 Retained earnings 250 Totalassets $1000 Total liabilities and equity $1000 Booth's fixedassets were used to only 50% of capacity during 2016, but itscurrent assets were at their proper levels in relation to sales.All assets except fixed assets must increase at the same rate assales, and fixed assets would also have to increase at the samerate if the current excess capacity did not exist. Booth'safter-tax profit margin is forecasted to be 4% and its payout ratioto be 65%. What is Booth's additional funds needed (AFN) for thecoming year? Round your answer to the nearest dollar.