Saved gnment FINC301-6 A The most recent financial statements for Crosby, Inc., 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, INC. 2017 Income Statement Sales Costs Other expenses Earnings before interest and taxes Interest paid $766,000 622,000 30,500 s $ 113,500 15,200 Taxable income Taxes (23%) $ 98,300 22,609 Net income $ 75,691 Dividends Addition to retained earnings $24,140 51,551 CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 25,540 Accounts payable $ 62,600 Accounts receivable 34,990 Notes payable 18,500 Inventory 71,690 Total $ 81,100 Total $ 132,220 Long-term debt $ 114,000 Owners' equity Common stock and paid-in surplus Retained earnings Fixed assets Net plant and equipment $ 109,000 $223,000 51,120 Total $ 160,120 Total assets $355,220 Total liabilities and owners' equity $355,220 Complete the pro forma income statements below. (Input all answers as values. Do not round intermediate calculations.) . Cum