Please Help.

I'm using the formula: Required External Financing = (growth rate x initial net assets) - reinvested earnings

(.

The 2017 financial statements for Growth Industries are presented below . INCOME STATEMENT , 2017 Sales $ 380 , 000 Costs 240, 000 EBIT $ 140 , 000 Interest expense* 28, 000 Taxable income $ 1 12, 000 Taxes ( at 35% ) 39, 200 S Net income 72, 800 Dividends $ 21 , 840 Addition to retained earnings 50, 960 BALANCE SHEET, YEAR- END , 2017 Assets Liabilities Current assets Current liabilities Cash $ 7, 000 Accounts payable* Accounts receivable* 12, 000 Total current liabilities Inventories 31, 000 Long-term debt Total current assets 50, 000 Stockholders' equity* Net plant and equipment 320, 000 Common stock plus additional paid -in capital Retained earnings Total assets $ 370, 000 Total liabilities and stockholders ' equity |1 # | Sales and costs are projected to grow at 20% a year for at least the next 4 years . Both current assets and accounts payable* are projected to rise in proportion to sales . The firm is currently operating at 75% capacity , so it plans to increase fixed assets in proportion to sales . Interest expense will equal 10% of long-term debt outstanding at the start of the year . The firm will maintain* a dividend payout ratio of 0. 30 . What is the required external financing over the next year ? ( Enter excess cash as a negative number with a minus sign ." External financing