The most recent financial statements for Crosby, Inc., follow. Sales for 2018 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. CROSBY, INC. 2017 Income Statement Sales $ 747,000 Costs 582,000 Other expenses 18.000 Earnings before interest and taxes Interest paid $ 147,000 14,000 Taxable income Taxes (249) $ 133,000 31.920 Net income $ 101,080 Dividends Addition to retained earnings $ 31,335 69,745 CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 20,640 Accounts payable $ 54,800 Accounts receivable 43,580 Notes payable 14.000 Inventory 91.960 Total $ 68,800 Total $ 130,000 Fixed assets Net plant and equipment $ 156,180 Long-term debt Owners' equity $423,000 Common stock and paid-in surplus Retained earnings Total $ 579.180 Total liabilities and owners' equity $ 114,500 265.880 $ 380,380 Total assets $ 579,180 In 2017, the firm operated at 80 percent of capacity. Construct the pro forma income statement and balance sheet for the company. Assume that fixed assets are sold so that the company has a 100 percent asset utilization. (Do not round Intermediate calculations.) Pro Forma Income Statement Sales Costs Other expenses EBIT Interest Taxable income Taxes Net income