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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 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.

CROSBY, INC.
2017 Income Statement
  Sales $ 753,000
  Costs 588,000
  Other expenses 24,000
  Earnings before interest and taxes $ 141,000
  Interest paid 20,000
  Taxable income $ 121,000
  Taxes (25%) 30,250
  Net income $ 90,750
  Dividends $ 28,133
  Addition to retained earnings 62,617
CROSBY, INC.
Balance Sheet as of December 31, 2017
Assets Liabilities and Owners’ Equity
  Current assets   Current liabilities
    Cash $ 21,240     Accounts payable $ 55,400
    Accounts receivable 44,180     Notes payable 14,600
    Inventory 97,960       Total $ 70,000
      Total $ 163,380   Long-term debt $ 136,000
  Fixed assets   Owners’ equity
    Net plant and equipment $ 429,000     Common stock and paid-in surplus $ 117,500
    Retained earnings 268,880
      Total $ 386,380
  Total assets $ 592,380   Total liabilities and owners’ equity $ 592,380

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.)

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