Calculate EFN The most recent financial statements for Reply, Inc., are shown here: Income Statement Balance Sheet Sales Costs $28,200 20,100 Assets $57,500 Debt $25,300 Equity 32,200 Taxable income $ 8,100 Total $57,500 Total $57,500 Taxes (40%) 3,240 Net income $ 4,860 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,600 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $31,020.