Below is the most recent financial information for Auster$$s Books Company $.$ If the sales are expected to increase by $20\%$ in $2024,$ what is the external long$-$term debt financing need for this company?

The assumptions for this question are as follows:

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$($I$)$ Auster$$s Books$$ costs on the income statement vary directly with sales

$($II$)$ Auster$$s Books$$ asset accounts vary directly with sales

$($III$)$ Auster$$s Books$$ accounts payable vary directly with sale

$($IV$)$ The average tax rate is constant

$($V$)$ Dividend payout ratio is constant

$($VI$)$ No stocks will be issued or repurchased