Please, try not to use Excel or any Computer to solve this problem. Use formulas, math and written explanation to solve the problem. Thanks.

The most recent financial statements for Scott, Inc., appear below. Sales for 2020 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate also will remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. SCOTT, INC. 2019 Income Statement Sales Costs Other expenses $891,600 727,900 18,240 Earnings before interest and taxes Interest expense $145,460 13,400 Taxable income Taxes (22%) $ 132,060 29,053 Net income $ 103,007 Dividends Addition to retained earnings $36,224 66,783 SCOTT, INC. Balance Sheet as of December 31, 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 24,280 Accounts payable $ 65,200 Accounts receivable 37,070 Notes payable 16,320 Inventory 83,400 Total $ 81,520 Total $ 144,750 Long-term debt $155,000 Fixed assets Net plant and equipment $396,500 Owners' equity Common stock and paid-in $130.000 surplus Retained earnings 174,730 Total $304,730 Total assets $ 541,250 Total liabilities and owners equity $541,250 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 in sales? (Do not round intermediate calculations.) EFN