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The most recent financial statements for Moose Tours, Inc., follow. Sales for 2017 are projected to grow by 15 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 is the external financing needed to support the 15 percent growth rate in sales? Moose Tours, Inc. 2016 Income Statement Total net revenues Cost of sales Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (35%) Net income $995,000.0 $782,000.0 $15,000.0 $198,000.0 $21,670.0 $176,330.0 $61,715.5 $114,614.5 $45,700.0 $68,914.5 Dividends Addition to retained earnings Moose Tours, Inc. Balance Sheet as of December 31, 2016 Current Assets Current Liabilities Cash Accounts receivable Inventory $27,500.0 $47,300.0 $83,600.0 $158,400.0 Accounts payable $71,500.0 $9,900.0 $81,400.0 Notes payable Total Current Liabilities Total Current Assets Long-term Debt $171,600.0 Fixed Assets Net plant and equipment $400,400.0 Shareholder Equity $400,400.0 Common stock and paid-in surplus Retained earnings $23,100.0 S282,700.(0 S305,800.0 S558,800.0 Total Fixed Assets Total Stockholder Equity Total Liabilities and Equity Total Assets S558,800.0

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