Assumptions: The firm is operating at 85% capacity. Sales are expected to increase by 20%. Interest expense will remain constant. Tax rate and dividend payout ratio remain constant. COGS, other expenses, and total current assets increase with sales. Accounts payable will be 7% of sales. Determine EFN. Assume external funds will be raised as follows: 20% notes payable. 30% long-term debt and 50% common stock. Income Statement for Fleury, Inc. Year Ended December 31, 2020 Forecast Sales $743,000 COGS $578,000 Other expenses $ 15,200 EBIT $149,800 Interest $ 11,200 EBT $138,600 Taxes (35%) $ 48,510 Net income $ 90,090 Dividends $ 18,018 Add to Retained Earnings $ 72,072 Balance Sheet for Fleury, Inc. as of December 31, 2020 Cash Receivables Inventories Total current assets Net fixed assets $ 15,240 S 37,560 $ 69,520 $122,320 $330.400 Total assets $452,720 Accounts payable Notes payable Total current liabilities Long-term debt Total debt $ 54,400 S 13.600 $ 68,000 $126.000 $194,000