The most recent financial statements for Crosby, Incorporated, follow. Interest expense and short-term debtwill 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. Assume the firm is operating at full capacity and the debt-equity ratio is held constant.

CROSBY, INCORPORATED
2020 Income Statement
Sales		$ 757,000
Costs		613,000
Other expenses		26,000
Earnings before interest and taxes		$ 118,000
Interest paid		11,600
Taxable income		$ 106,400
Taxes (24%)		25,536
Net income		$ 80,864
Dividends	$ 40,740
Addition to retained earnings	40,124

CROSBY, INCORPORATED
Balance Sheet as of December 31, 2020
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
		Owners equity
Fixed assets		Common stock and paid-in surplus	$ 100,000
Net plant and equipment	$ 214,000	Retained earnings	63,720
		Total	$ 163,720
Total assets	$ 343,520	Total liabilities and owners equity	$ 343,520

Complete the pro forma income statements below. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

Calculate the EFN for 15, 20 and 45 percent growth rates. (A negative answershould be indicated by a minus sign.Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)