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				$	773,000
Costs					629,000
Other expenses					34,000
Earnings before interest and taxes				$	110,000
Interest paid					18,000
Taxable income				$	92,000
Taxes (25%)					23,000
Net income				$	69,000
Dividends	$	31,140
Addition to retained earnings		37,860

CROSBY, INC. Balance Sheet as of December 31, 2017
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	26,240		Accounts payable	$	65,400
Accounts receivable		35,760		Notes payable		20,600
Inventory		72,320		Total	$	86,000
Total	$	134,320		Long-term debt	$	121,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	116,000
Net plant and equipment	$	230,000		Retained earnings		41,320
				Total	$	157,320
Total assets	$	364,320		Total liabilities and owners equity	$	364,320

Complete the pro forma income statements below. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

Pro Forma Income Statement
	15% Sales Growth	20% Sales Growth	45% Sales Growth
Sales
Costs
Other expenses
EBIT
Interest paid
Taxable income
Taxes (25%)
Net income
Dividends
Add to RE

Calculate the EFN for 15, 20 and 45 percent growth rates. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole dollar amount.)

	15%	20%	45%
EFN