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 Assets $ 25,300 Debt Equity $ 25,300 Total $ 5,800 $19.500 $ 25,300 Total Income Statement Sales Costs Net Income $ 32,000 24,400 $ 7.600 Sales Increase Payout rate 15% 50% 1. Prepare the Pro Forma Statements for Turnbull Inc. 2. Determine the EFN