Using the equation from the chapter, calculate the external financing needed for next year.

Problem 3-13 External Funds Needed The Optical Scam Company has forecast a sales growth of 25 percent for next year. The current financial statements are shown here: Sales Income Statement $32,300,000 26,971,600 Costs Taxable income Taxes $5,328,400 1,864,940 Net income $3,463,460 1,385,384 Dividends Addition to retained earnings 2,078,076 Current assets Assets $ 7,390,000 Balance Sheet Liabilities and Owners' Equity Accounts payable $ 6,460,000 Long-term debt 2,584,000 Fixed assets 17,804,000 Common stock $ 4,306,000 Prev 5 of 7 Next MacBook Air Balance Sheet Assets Liabilities and Owners' Equity Current assets $ 7,390,000 Accounts payable $ 6,460,000 Long-term debt 2,584,000 Fixed assets 17,804,000 Common stock Accumulated retained earnings $ 4,306,000 11,844,000 Total equity $ 16,150,000 Total assets 25,194,000 Total liabilities and equity 25,194,000 a. Using the equation from the chapter, calculate the external financing needed for next year. (Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e.g., 32.) Extemal financing needed $ 387,600