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

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Finance

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

Income Statement
Sales $26,500
Costs 15,900
Taxable income $10,600
Taxes (21%) 2,226
Net income $8,374

Balance Sheet
Assets $108,650 Debt $45,000
Equity 63,650
Total $108,650 Total $108,650

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,090 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $31,535. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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