The most recent financial statements for Crosby, Inc., follow. Sales for 2018 are projected to grow by 25 percent. 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 $755,000 611,000 25,000 Sales Costs Other expenses Earnings before interest and taxes $ 119,000 Interest paid 10,800 $108,200 23,804 Taxable income Taxes (22%) Net income 84,396 $31,840 Dividends Addition to retained 52,556 earnings CROSBY, INC. Balance Sheet as of December 31, 2017 Liabilities and Owners' Equity Current liabilities Assets Current assets 24,440 33,780 58,200 15,200 Cash Accounts payable Notes payable Accounts receivable Total $73,400 Inventory 70,700 Total $128,920 $103,000 Long-term debt Owners' equity Common stock and paid-In $102.000 Fixed assets surplus Net plant and equipment $ 212,000 Retained earnings 62,520 $164,520 Total Total liabilities and owners $340,920 equity Total assets $340,920 What is the EFN if the firm wishes to keep its debt-equity ratio constant? (Do not round intermediate calculations and round your answer to the nearest whole dollar amount e.g., 32.) EFN