The most recent financial statements for Crosby, Incorporated, appear below. Sales for $2022$ are projected to grow by $30$ percent. Interest expense will remain constant; the tax rate and the dividend payout rate also will remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales.

CROSBY, INCORPORATED

$2021$ Income Statement

Sales $ $771,000$

Costs $627,000$

Other expenses $33,000$

Earnings before interest and taxes $ $111,000$

Interest expense $17,200$

Taxable income $ $93,800$

Taxes $(23\%)21,574$

Net income $ $72,226$

Dividends $ $20,640$

Addition to retained earnings $51,586$

CROSBY, INCORPORATED

Balance Sheet as of December $31,2021$

Assets Liabilities and Owners$$ Equity

Current assets Current liabilities

Cash $ $26,040$ Accounts payable $ $64,600$

Accounts receivable $35,540$ Notes payable $20,000$

Inventory $72,140$ Total $ $84,600$

Total $ $133,720$ Long$-$term debt $ $119,000$

Owners$$ equity

Fixed assets Common stock and paid$-$in surplus $ $118,000$

Net plant and equipment $ $228,000$ Retained earnings $40,120$

Total $ $158,120$

Total assets $ $361,720$ Total liabilities and owners$$ equity $ $361,720$

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 number, e$.$g$.,32.)$