Use the following information to answer this question. Forecasted additional funds needed are:

Income StatementBalance Sheetfor the year endingDecember 31, 2014December 31, 2014(In thousands)(in thousands)Sales$20,000Assets:COGS9,100Total Current Assets$50,00010,900Net Plant & Equipment35,000Total Assets$85,000Selling Expenses2,000Depreciation Expense1,500Liabilities & Equity:Fixed Expenses2,000Accounts Payable$20,000Notes Payable5,000EBIT5,400Accrued Expenses5,000Taxes (40%)2,160Bonds Payable20,000Net Income3,240Common Stock20,000Capital in Excess of Par10,000Common Stock Div.600Retained Earnings5,000$ 2,640Total Liabilities & Equity$85,000Sales for 2015 are projected to be $25,000; the firm currently uses straight-line depreciation; No new equipment purchases are planned for2015; there will be a 100% earnings distribution for 2015. The current assets accounts payable and accrued expenses vary at a constant percent of sales as do COGS and selling expenses. Assume that notes payable is paid off in 20015.