The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 20 percent growth rate insales?

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MOOSE TOURS, INC. 2011 Income Statement Sales Costs Other expenses Earnings before interest and $836.100 650,700 17.100 $168,300 12.600 $155,700 54.495 $101.205 axes Interest expense Taxable income Taxes Net income Dividends $30,300 70.905 Addition to retained earnings MOOSE TOURS, INC. Balance Sheet as of December 31,2011 Assets Liabilities and Owners Equi Current assets Current liabilities Cash Accounts receivable Inventory 64,600 16,150 $ 80,750 $150,000 $ 24,035 Accounts payable 38,665 Notes payable 82.555 Total $145.255 Long-term debt Owners' equity Total Fixed assets Common stock and paid-in surplus $130.000 I76,855 $306.855 $537605 Net plant and equipment $392.350 Retained earnings Total Total assets $537605 Total llablities and owners' equity