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The most recent financial statements for Martin, Inc., are shown here: ...

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Finance

The most recent financial statements for Martin, Inc., are shown here:

Income Statement
Sales $22,000
Costs 13,200
Taxable income $8,800
Taxes (21%) 1,848
Net income $6,952

Balance Sheet
Assets $61,600 Debt $25,000
Equity 36,600
Total $61,600 Total $61,600

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $880 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $25,740. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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