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. Assume the firm is operating at full capacity and the debt-equity ratio is held constant. CROSBY, INC 2017 Income Statement Sales Costs Other expenses $757,000 613,000 26,000 Earnings before interest and taxes Interest paid $118,000 11,600 Taxable income Taxes (24%) $106,400 25,536 Net income $80,864 Dividends Addition to retained earnings $40,740 40,124 CROSBY, INC Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash Accounts receivable s 24,640 Accounts payable $ 59,000 15,800 $ 74,800 $105,000 4,000Notes payable Inventory 70,880 Total Total $129,520 Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Fixed assets $100,000 Net plant and equipment $214,000 63,720 $163,720 $343,520 Total Total assets $343,520 Total liabilities and owners' equity