16. value: 10.00 points The most recent financial statements for Fleury Inc., follow. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets and accounts payable increase spontaneously with sales. FLEURY, INC. 2014 Income Statement Sales Costs Other expenses $749,000 584,000 20,000 Earnings before interest and taxes Interest paid $ 145,000 16,000 Taxable income Taxes (40%) $ 129,000 51,600 Net income $ 77,400 Dividends Addition to retained earnings $ 18,060 59,340 FLEURY, INC. Balance Sheet as of December 31, 2011 Assets Current assets Cash Accounts receivable $ 20,840 33,160 Liabilities and Owners' Equity Current liabilities Accounts payable $ 55,000 Notes payable 14,200 Inventory 70,120 Total $ 69,200 Total $ 124, 120 Long-term debt $ 132,000 Owners' equity Common stock and paid-in surplus $ 118,000 Retained earnings 115,320 Fixed assets Net plant and equipment $310,400 Total $233,320 Total assets $434,520 Total liabilities and owners' equity $434,520 Inventory 70,120 Total $ 69,200 Total $ 124,120 $ 132,000 Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Fixed assets Net plant and equipment $310,400 $ 118,000 115,320 Total $ 233,320 Total assets $ 434,520 Total liabilities and owners' equity $434,520 Complete the pro forma income statements below. (Input all amounts as positive values. Do not round intermediate calculations.) FLEURY INC. Pro Forma Income Statement 15 % Sales Growth 20 % Sales Growth 25 % Sales Growth Sales Costs Other expenses EBIT Interest Taxable income Taxes Net income Dividends Add to RE Calculate the EFN for 15, 20 and 25 percent growth rates. (Do not round intermediate calculations. Negative amount should be indicated by a minus sign.) 15% 20% 25% EFN $ $ $