Goering Eye Care is a small firm with excellent growth opportunities. Goering's sales in 2017 were $2 million. Sales are expected to grow 10% in 2018. At the end of 2017 Goering's total assets were $3 million, accounts payable were $200,000, accrued wages and taxes were $100,000, and notes payable were $400,000. Goering's net profit margin is 8% and Goering plans to pay annual cash dividends of $30,000. a. Determine the amount of external financing needed (EFN) by Goering in 2018.

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