Below are financial statements of the Lowe's Corp. for 2021 (all in thousands) Income Statement Sales Net Income Balance Sheet Assets CA 22,326,000 FA 24,409,000 46,735,000 $89,597,000 $8,213,000 Liabilities and Equity CL LTD Total Equity TE&L Capital Stock Retained Earnings 18,730,000 26,568,000 1,437,000 456,000 981,000 46,735,000 2020 Sales were $72,148,000 and Lowe's expect the same sales growth next year as it was from 2020 to 2021. They also expect to have the same profit margin in 2022. Assume that FA are at full capacity and CA and CL are proportional to sales. Lowe's pays regular dividends and their dividend payout ratio is a constant at 40%. Answer the below questions, showing all details. 1) What is the EFN for 2022? 2) What are the policy options available to finance management in regards to the EFN? 3) Suppose that management decides to raise wages, without raising prices, which causes a decline the profit margin by 20%. What is the new EFN?