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The most recent financial statements for Crosby, Inc., follow. Sales for 2018 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. CROSBY, INC. 2017 Income Statement Sales $753,000 Costs 588,000 Other expenses 24,000 Earnings before interest and taxes Interest paid $ 141,000 20,000 Taxable income Taxes (25%) $ 121,000 30,250 Net income $ 90,750 $28,133 Dividends Addition to retained earnings 62,617 CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 21,240 Accounts payable $ 55,400 Accounts 44,180 Notes payable 14,600 receivable Inventory 97,960 Total $ 70,000 Total $ 163,380 Long-term debt $ 136,000 Fixed assets Net plant and equipment $429,000 Owners' equity Common stock and paid-in surplus Retained earnings $ 117,500 268,880 Total $386,380 Total assets $592,380 Total liabilities and owners' equity $592,380 In 2017, the firm operated at 80 percent of capacity. Construct the pro forma income statement and balance sheet for the company. Assume that fixed assets are sold so that the company has a 100 percent asset utilization. (Do not round intermediate calculations.) Answer is complete and correct. Pro Forma Income Statement Sales $ 903,600 Costs 705,600 Other 28,800 expenses EBIT $ 169,200 Interest 20,000 Taxable $ 149,200 income Taxes 37,300 Net income $ 111,900 Assets Current assets Cash Accounts receivable Inventory Total X Answer is complete but not entirely correct. Pro Forma Balance Sheet Liabilities and Owners' Equity Current liabilities $ 25,488 Accounts payable $ 53,016 Notes payable 117,552 Total $ $ 196,056 Long-term debt $ Owners' equity Common stock and paid-in $ surplus $ 514,800X Retained earnings Total $ Total liabilities and owners' $ 592,380 $ equity 66,480 14,600 81,080 136,000 Fixed assets 117,500 Net plant and equipment 346,090 463,590 Total assets 680,670 What is the EFN? (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.) X Answer is complete but not EFN $ 30,186 X rrect