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The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales $ 280,000 Costs 190,000 EBIT $ 90,000 Interest expense 18,000 Taxable income $ 72,000 Taxes (at 21%) 15,120 Net income $ 56,880 Dividends $ 28,440 Addition to retained earnings $ 28,440 BALANCE SHEET, YEAR-END, 2019 Assets Liabilities Current assets Current liabilities Cash $ 4,000 Accounts payable $ 11,000 Accounts receivable 9,000 Total current liabilities $ 11,000 Inventories 37,000 Long-term debt 180,000 Total current assets $ 50,000 Stockholders equity Net plant and equipment 220,000 Common stock plus additional paid-in capital 15,000 Retained earnings 64,000 Total assets $ 270,000 Total liabilities plus stockholders' equity $ 270,000 Sales and costs are projected to grow at 40% a year for at least the next 4 years. Both current assets and accounts payable are projected to rise in proportion to sales. The firm is currently operating at 70% capacity, so it plans to increase fixed assets in proportion to sales. Interest expense will equal 10% of long-term debt outstanding at the start of the year. The firm will maintain a dividend payout ratio of 0.50. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.)

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