The most recent financial statements for Retro Machine, Inc., follow. Sales for 2017 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 are issued, what is the external financing needed to support the 20 percent growth rate in sales?

RETRO MACHINE INC
2016 Income Statement
Sales......................................................................$594,600
Costs........................................................................462,700
Other expenses........................................................12,200
Earnings before interest and taxes....................$119,700
Interest paid................................................................8,960
Taxable income.....................................................$110,740
Taxes (35%).................................................................38,759
Net income...............................................................$ 71,981
Dividends..................................................................$ 28,792
Addition to retained earning.....................................43,189

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RETRO MACHINE, INC Balance Sheet as of December 31, 2016 ASSETS LIABILITIES AND OWNERS' EQUITY Current assets Current liabilities $ 17,070 $ 45,900 Accounts payable Cash 24,560 Accounts receivable Notes payable 11,480 $ 57,380 58,650 $100,280 Inventory Total $106,000 Total Long-term debt Fixed assets Owners' equity $ 95,000 Net plant and equipment $278,780 Common stock and paid-in surplus Accumulated retained earnings 120,680 $215,680 Total $379,060 Total liabilities and owners' equity $379,060 Total assets