Problem 3-21 Calculating EFN The most recent financial statements for Crosby, Incorporated, appear below. Sales for 2022 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. CROSBY, INCORPORATED 2021 Income Statement Sales Costs $747,000 582,000 18,000 Other expenses $ 147,000 Earnings before interest and taxes Interest expense 14,000 Taxable income. $ 133,000 31,920 Taxes (24%) Net income $ 101,080 Dividends Addition to retained earnings $ 31,335 69,745 CROSBY, INCORPORATED Balance Sheet as of December 31, 2021 Assets Current liabilities Current assets Cash Accounts receivable $ 20,640 Accounts payable Notes payable 43,580 Inventory 91,960 Total Total $ 156,180 Long-term debt Fixed assets Owners' equity Net plant and equipment $ 423,000 Common stock and paid-in surplus Retained earnings Total Total assets 579,180 Total liabilities and owners' equity 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 and round your answer to the nearest whole number, e.g., 32.) EFN C Liabilities and Owners' Equity $ 54,800 14,000 $ 68,800 $ 130,000 $ 114,500 265,880 $380,380 $ 579,180