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The 2017 financial statements for Growth Industries arepresented below.INCOME STATEMENT, 2017Sales $ 310,000Costs 205,000EBIT $ 105,000Interest expense 21,000Taxable income $ 84,000Taxes (at 35%) 29,400Net income $ 54,600Dividends $ 21,840Addition to retained earnings 32,760BALANCE SHEET, YEAR-END, 2017AssetsCurrent assetscash 7,000accounts receivable 12,000inventories 31,000total current assets 50,000net plant and equipments 250,000total assets 300,000liabilitiescurrent liabilitiesaccounts payable 14,000total current liabilities 14,000long term debt 210,000stockholders equitycommon stock plus addition paid in capital 15,000retained earnings 61,000total liabilities and stockholders equity 300,000Sales and costs are projected to grow at 40% a year for at leastthe next 4 years. Both current assets and accounts payable areprojected to rise in proportion to sales. The firm is currentlyoperating at 70% capacity, so it plans to increase fixed assets inproportion to sales. Interest expense will equal 10% of long-termdebt outstanding at the start of the year. The firm will maintain adividend payout ratio of 0.40. What is the required externalfinancing over the next year?