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, fixed assets, and accounts payable increase spontaneously with sales. CROSBY, INC. 2017 Income Statement

Sales $ 980,760

Costs 792,960

Other expenses 20,060

Earnings before interest and taxes $ 167,740

Interest paid 14,740

Taxable income $ 153,000

Taxes (21%) 32,130

Net income $ 120,870

Dividends $ 39,250

Addition to retained earnings 81,620

CROSBY, INC. Balance Sheet as of December 31, 2017

Assets Liabilities and Owners Equity Current assets Current liabilities

Cash $ 27,920

Accounts payable $ 71,720

Accounts receivable 42,630

Notes payable 17,620

Inventory 95,910

Total $ 89,340

Total $ 166,460

Long-term debt $ 170,000

Fixed assets Owners equity

Net plant and equipment $ 455,980

Common stock and paid-in surplus $ 140,000

Retained earnings 223,100

Total $ 363,100

Total assets $ 622,440

Total liabilities and owners equity $ 622,440

What is the EFN if the firm was operating at only 80 percent of capacity in 2017? Assume that fixed assets are sold so that the company has a 100 percent asset utilization. (A negative answer should be indicated by a minus sign.)