onsider the following income statement for the Heir Jordan Corporation:

HEIR JORDAN CORPORATION Income Statement
Sales					$	46,500
Costs						36,100
Taxable income					$	10,400
Taxes (23%)						2,392
Net income					$	8,008
Dividends	$	2,516
Addition to retained earnings		5,492

The balance sheet for the Heir Jordan Corporation follows.

HEIR JORDAN CORPORATION Balance Sheet
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	2,600		Accounts payable	$	2,400
Accounts receivable		3,700		Notes payable		5,200
Inventory		9,000		Total	$	7,600
Total	$	15,300		Long-term debt	$	24,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	17,000
Net plant and equipment	$	38,200		Retained earnings		4,900
				Total	$	21,900
Total assets	$	53,500		Total liabilities and owners equity	$	53,500

Prepare a pro forma balance sheet, assuming an increase in sales of 9 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.)

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.)