Consider the following income statement for the Heir Jordan Corporation:

HEIR JORDAN CORPORATION
Income Statement
Sales		$ 48,500
Cost		34,500
Taxable income		$ 14,000
Taxes (25%)		3,500
Net income		$ 10,500
Dividends	$ 2,514
Addition to retained earnings	7,986

The balance sheet for the Heir Jordan Corporation follows.

HEIR JORDAN CORPORATION
Balance Sheet
Assets		Liabilities and Owners Equity
Current assets		Current liabilities
Cash	$ 2,500	Accounts payable	$ 2,400
Accounts receivable	3,900	Notes payable	5,000
Inventory	9,000	Total	$ 7,400
Total	$ 15,400	Long-term debt	$ 24,000
		Owners equity
Fixed assets		Common stock and paid-in surplus	$ 15,000
Net plant and equipment	$ 37,800	Retained earnings	6,800
		Total	$ 21,800
Total assets	$ 53,200	Total liabilities and owners equity	$ 53,200

Prepare a pro forma balance sheet, assuming an increase in sales of 12 percent, no new external debt or equity financing, and a constant payout ratio. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

HEIR JORDAN CORPORATION
Pro Forma Balance Sheet
Assets	Liabilities and Owners Equity
Current assets	Current liabilities
Cash		Accounts payable
Accounts receivable		Notes payable
Inventory		Total current liabilities
Total current assets		Long-term debt
		Owners equity
Fixed assets	Common stock and paid-in surplus
Net plant and equipment		Retained earnings
		Total owner's equity
Total assets		Total liabilities and owners equity

Calculate the EFN. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

EFN