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The most recent financial statements for GPS, Inc., are shown here: Income Statement Sales $22,000...

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The most recent financial statements for GPS, Inc., are shown here: Income Statement Sales $22,000 Assets Costs 16,200 Taxable $5,800 Total income Taxes (35%) 2,030 Net Income $3,770 Balance Sheet $120,000 Debt Equity $120,000 Total $48,600 71,400 $120,000 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,510 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $28,000. Required: What is the external financing needed? Multiple Choice $195,000

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