The most recent financial statements for Moose Tours, Inc., follow. Sales for 2009 are projected to grow by 20 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, external financing in the amount of $ 3,848 ± 1% is needed to support the 20 percent growth rate in sales.(Do not include the dollar sign ($).) MOOSE TOURS, INC. 2008 Income StatementSales $929,000 Costs 723,000 Other expenses 19,000 Earnings before interest and taxes $187,000 Interest paid 14,000 Taxable Income $173,000 Taxes(35%) 60,550 Net income $112,450 Dividends $33,735 Addition to retained earnings 78,715 MOOSE TOURS, INC. Balance Sheet as of December 31, 2008 Assets Liabilities and Owners' EquityCurrent assets Current liabilities Cash $25,300 Accounts payable $ 68,000 Accounts receivable 40,700 Notes payable 17,000 Inventory 86,900 Total $152,900 Total $85,000 Long-term debt $158,000 Fixed assets Owners' equity Net plant and equipment 413,000 Common stock and paid-in surplus $140,000 Retained earnings 182,900 Total $322,900 Total assets $565,900 Total liabilities and owners' equity $565,900 Explanation:Assuming costs vary with sales and a 20 percent increase in sales, the pro forma income statement will look like this:MOOSE TOURS, INC. Pro Forma Income StatementSales $1,114,800 Costs 867,600 Other expenses 22,800 EBIT $224,400 Interest 14,000 Taxable income $210,400 Taxes (35%) 73,640 Net income $136,760 The payout ratio is constant, so the dividends paid this year is the payout ratio from last year times net income, or:Dividends = ($33,735/$112,450)($136,760)Dividen ds = $41,028And the addition to retained earnings will be:Addition to retained earnings = $136,760 – 41,028Addition to retained earnings = $95,732The new retained earnings on the pro forma balance sheet will be:New retained earnings = $182,900 + 95,732New retained earnings = $278,632