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

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,623.60 was paid, and the company wishes to maintain a constant payout ratio. Next year€™s sales are projected to be $38,420. What is the external financing needed?

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INCOME STATEMENT BALANCE SHEET Debt Equity Sales Costs Taxable income Taxes (34%) $34,000 25,800 S 8,200 2,788 S 5412 $26,500 73,800 $100,300 Assets $100,300 Total $100,300 Total Net income