Question: Problem 4-4 EFN (LO2] The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Sales $30,600 Costs 18,350 Assets Balance Sheet $72,400

Problem 4-4 EFN (LO2] The most recent financial statements for Cardinal,

Problem 4-4 EFN (LO2] The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Sales $30,600 Costs 18,350 Assets Balance Sheet $72,400 Debt Equity $36,000 36,400 Taxable income $ 12,250 Total $72,400 Total $72,400 Taxes (22%) 2,695 Net income $ 9,555 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $3,600 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $34,272. What is the external financing needed? (Do not round intermediate calculations.) External financing needed

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