Using Common Size Statements Groff Graphics Company owns and operates a small chain of sportswear stores located near colleges and universities. Groff has experienced significant growth in recent years. The following data are available for Groff: Groff Graphics Company Consolidated Income Statement (In thousands) Year ended December 31, 2019 2018 2017 Sales $54,422 $42,893 $35,526 Cost of goods sold 32,936 25,682 21,721 Gross margin $21,486 $ 17,211 $13,805 Other income, net 397 439 421 $21,883 $ 17,650 $14,226 Costs and Expenses: Selling and administrative $ 17,857 $14,665 $12,754 Interest 1,356 863 622 Total costs and expenses $19,213 $ 15,528 $13,376 Income before income taxes $ 2,670 $ 2,122 $ 850 Provision for income taxes 885 746 623 Net income $ 1,785 $ 1,376 $ 227 Groff Graphics Company Consolidated Balance Sheets (In thousands) December 31, ASSETS 2019 2018 2017 Current assets: Cash $372 $301 $245 4,798 3,546 3,369 Accounts receivable Inventories 5,673 4,521 3,389 $10,843 $8,368 $7,003 Total current assets Property, plant and equipment (net) Other assets 4,912 3,541 2,937 592 592 552 Total assets $ 16,347 $ 12,501 $10,492 $4,314 $1,731 $463 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term notes payable Accounts payable Total current liabilities Long-term debt 1,256 987 783 $5,570 $2,718 $1,246 3,241 3,234 3,266 Total liabilities $8,811 $5,952 $4,512 $4,367 $4,598 $4,725 Common stock & additional paid-in capital Retained earnings Total stockholders' equity 3,169 1,951 1,255 $7,536 $6,549 $5,980 Total liabilities and stockholders' equity $ 16,347 $12,501 $10,492 6. If Groff's assets must grow by 25% to support the 25% sales increase and if 50% of net income is paid in dividends, how much capital must Groff raise in 2020? Round your answer to the nearest cent. 5,529.25 x