Problem 12-06 Additional Funds Needed The Booth Company's sales are forecasted to double from $1,000 in 2016 to $2,000 in 2017. Here is the December 31, 2016, balance sheet Cash Accounts receivable Inventories Net fixed assets $100 Accounts payable $ 50 150 50 400 100 250 $1000 200 200 500 Notes payable Accruals Long-term debt Common stock Retained earnings Total liabilities and equity Total assets Booth's fixed assets were used to only 50% of capacity during 2016, but its current assets were at their proper levels in relation to sales. All assets except fixed assets must increase at the same rate as sales, and fixed assets would also have to increase at the same rate if the current excess capacity did not exist. Booth's after-tax profit margin is forecasted to be 3% and its payout ratio to be 55%. what is Booth's additional funds needed (AFN) for the coming year? Round your answer to the nearest dollar $1000