A firm has the following account balances for this year. Sales for the year are $600,000. Projected sales for next year are $642,000. The percentage of sales approach is used for pro forma purposes. All balance sheet accounts, except long-term debt and common stock, change according to that approach. The firm plans to decrease the long-term debt balance by $5,000 next year. Retained earnings is expected to increase by $3,500 next year. What is the projected external financing need? 
Definitions:
Globalism
The process of the world becoming increasingly interconnected and interdependent through economic, technological, political, and cultural exchange.
Globality
Describes a social condition characterized by the awareness and interconnectivity of global scale processes and phenomena, surpassing the concept of globalization.
Benjamin Barber
An American political theorist best known for his work on democracy and civic society, including the book "Strong Democracy."
Anthony Giddens
A notable sociologist from Britain, recognized for his structuration theory and comprehensive perspective on contemporary societies.
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