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 $757,000 613,000 26,000 $ 118,000 Earnings before interest and taxes Interest paid 11,600 Taxable income Taxes (24%) $106,400 25,536 Net income $ 80,864 Dividends Addition to retained earnings $30,440 50,424 CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 24,640 Accounts payable $ 59,000 Accounts receivable 34,000 Notes payable 15,800 Inventory 70,880 Total $ 74,800 CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 24,640 Accounts payable $ 59,000 Accounts receivable 34,000 Notes payable 15,800 Inventory 70,880 Total $ 74,800 Total $ 129,520 Long-term debt $ 105,000 Fixed assets Owners' equity Common stock and paid-in surplus Retained earnings $ 100,000 Net plant and equipment $ 214,000 63,720 Total $ 163,720 Total assets $343,520 Total liabilities and owners' equity $343,520 Complete the pro forma income statements below. (Input all answers as positive values. Do not round intermediate calculations.) Pro Forma Income Statement 20% Sales Growth 25% Sales Growth 30% Sales Growth Sales $ 908,400 $ $ Costs 735,000 31,200 946,250 766,250 32,500 984,100 796,900 33,800 Other expenses Complete the pro forma income statements below. (Input all answers as positive values. Do not round intermediate calculations.) Pro Forma Income Statement 20% Sales Growth 25% Sales Growth 30% Sales Growth Sales $ $ $ 984,100 Costs 796,900 Other expenses 33,800 908,400 735,000 31,200 141,600 11,600 130,000 946,250 766,250 32,500 147,500 11,600 135,900 EBIT $ $ $ Interest paid 153,400 11,600 141,800 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. A negative answer should be indicated by a minus sign.) 20% 25% 30% EFN