The most recent financial statements for Moose Tours, Inc., follow. Sales for 2009 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, and accounts payable increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, what is the external financing needed to support the 20 percent growth rate insales?

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MOOSE TOURS, INC. 2008 Income Statement Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (35%) Net income $995,000 (782,000) (15,000) $198,000 (21,670) $176,330 (61,716) 5106,144 Dividends 45,700 60,444 Addition to retained earnings MOOSE TOURS, INC. Balance Sheet as of December 31, 2008 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash Accounts receivable Inventory S 27,500 47,300 83,600 $158,400 71,500 9,900 $ 81.400 $171,600 Accounts payable Notes payable Total Total Fixed assets Long-term debt Owners' equity Net plant and equipment Common stock and paid-in surplus Retained earnings $23,100 282,700 $305,800 $400,400 Total Total assets $558,800 Total liabilities and owners' equity