Part C: Pro Forma Statements and EFN Consider the following simplified financial statements for Turnbull Inc. -assuming no income taxes. The company has predicted a sales increase of 15 percent. Assume that Turnbull Inc. pays out half of its net income in the form of a cash dividend. Cost and assets vary with sales, but debt and equity do not. Balance Sheet Assets Liabilities $ 25,300 Debt S25.300 Total Assets 5,800 Equity Total 25,300 Income Statement 32,000 Sales Costs Net Income 24,400 7.600 15% 50% Sales Increase Payout rate 1. 2. Prepare the Pro Forma Statements for Turnbull Inc. Determine the EFN