The most recent financial statements for Fleury, Inc., follow. Sales for 2012 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. 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 insales?

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FLEURY, INC. 2011 Income Statement Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes Net income $743,000 578,000 15,200 $149,800 11,200 $138,600 48,510 $ 90,090 Dividends Addition to retained earnings $27,027 63,063 FLEURY, INC. Balance Sheet as of December 31, 2011 Assets Liabilities and Owners' Equity Current assets Current liabilities $20,240 Accounts payable Cash Accounts receivable Inventory $54,400 13,600 $68,000 $126,000 32,560 Notes payable 69,520 Total Long-term debt Owners' equity Total $122,320 Fixed assets Net plant and equipment $330,400 Common stock and paid-in surplus Retained earnings $112,000 146,720 $258,720 $452,720 Total Total assets $452,720 Total liabilities and owners' equity