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 external financing is needed to support the 20 percent growth rate in sales?

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MOOSE TOURS, INC. 2008 Income Statement Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes Net income $929,000 723,000 19,000 $187,000 14,000 $173,000 60,550 $112,450 $33,735 78,715 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 $ 25,300 Accounts payable $68,000 17,000 $85,000 $158,000 40,700 Notes payable 86,900 Total Total Fixed assets $152,900 Long-term debt Owners' equity Net plant and equipment 413,000Common stock and paid-in surplus $140,000 182,900 322,900 $565,900 Retained earnings Total Total assets $565,900 Totalies and owners' equity