CH 4 ASSIGNMENT 0 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, freed assets, and accounts payable Increase spontaneously with sales. points CROSBY, INC 2017 Income Statement Sales Costs Other expenses $980,760 792960 20.060 o Earnings before interest and the Interest pald $ 167740 14740 $ 153,000 32.130 to Taxable income Taxes (21% Not Income $ 120,870 Dividends Addition to retained earnings $39.250 81,620 CROSBY, INC Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 27,920 Accounts payable $ 71720 Accounts receivable 42,630 Notes payable 17.620 Inventory 95.910 Total Total $ 166,460 $ 89.340 $ 170,000 Long-term debt Pored assets Not plant and equipment $455.980 140000 Owners' equity Common stock and paiden Surplus Retained earnings Total 223.100 $363.100 Total assets M2 Quy $622 440 Total liabilities and owners $622,440 If the firm is operating atful capacity and no new debt or equity is issued, what external franding is needed to support the 20 percent growth rate in sales? (Do not round intermediate calculations)