Do not round intermediate calculations!!!

4 The most recent financial statements for Crosby, 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. 14.28 points CROSBY, INC. 2017 Income Statement Sales Costs Other expenses $754,000 610,000 24,500 eBook Print Earnings before interest and taxes Interest paid $ 119,500 10,400 References Taxable income Taxes (21%) $ 109,100 22,911 Net income $ 86,189 $32,540 Dividends Addition to retained earnings 53,649 CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 24,340 Accounts payable $ 57,800 Accounts receivable 33,670 Notes payable 14,900 Inventory 70,610 Total $ 72,700 Total $ 128,620 Long-term debt $102,000 4 Fixed assets Owners' equity Common stock and paid-in surplus Retained earnings $ 97,000 Net plant and equipment $ 211,000 14.28 points 67,920 Total $164,920 eBook Total assets $339,620 Total liabilities and owners' equity $339,620 Print References Complete the pro forma income statements below. (Input all answers as positive values. Do not round intermediate calculations.) Pro Forma Income Statement 20% Sales Growth 25% Sales Growth 30% Sales Growth $ 904,800 732,000 Sales Costs Other expenses EBIT $ 29,400 143,400 12,480 130,920 Interest paid Taxable income $ Taxes Net income Dividends Add to RE Calculate the EFN for 20, 25 and 30 percent growth rates. (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.) 20% 25% 30% EFN