Problem 4-27 EFN and Internal Growth [LO2, 3] The most recent financial statements for Crosby, Incorporated, 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. CROSBY, INCORPORATED 2020 Income Statement $ Sales 756,000 Costs 612,000 Other expenses 25,500 Earnings before interest and $ 118,500 taxes Interest paid Taxable income 11,200 Taxes (23%) $ 107,300 24,679 $ 31,140 Net income Dividends Addition to retained earnings CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Liabilities and Owners' Equity $82,621 51,481 Assets Current assets Cash Current liabilities $ 24,540 Accounts payable Accounts receivable 33,890 Notes payable Inventory Total 70,790 Total $ 129,220 Long-term debt $ 58,600 15,500 $ 74,100 $ 104,000 Owners' equity Fixed assets Common stock and paid-in surplus $ 99,000 Net plant and equipment $213,000 Retained earnings 65,120 Total $ 164,120 Total assets $342,220 Total liabilities and owners' equity $342,220 Complete the pro forma income statements below. (Input all answers as positive values. Do not round Intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Complete the pro forma income statements below. (Input all answers as positive values. Do not round Intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Pro Forma Income Statement 20% Sales Growth 25% Sales Growth 30% Sales Growth Sales Costs Other expenses EBIT 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 and round your answers to the nearest whole number, e.g., 32. A negative answer should be indicated by a minus sign.) EFN 20% 25% 30%