The most recent financial statements for Crosby, Incorporated, follow. 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. Assume the firm is operating at full capacity and the debt- equity ratio is held constant. CROSBY, INCORPORATED 2020 Income Statement Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (25%) Net income Dividends Addition to retained earnings $ 37,140 38,610 $ 763,000 619,000 29,000 $ 115,000 14,000 $ 101,000 25,250 $ 75,750 Current assets Cash Accounts receivable Inventory Total Total assets CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Assets Fixed assets Net plant and equipment $ 220,000 Sales Costs Other expenses EBIT Interest paid Taxable income Taxes (25%) Net income $ 25,240 34,660 Dividends Add to RE 71,420 $ 131,320 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable 15% Sales Growth Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total $ 351,320 Total liabilities and owners' equity Pro Forma Income Statement Complete the pro forma income statements below. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) 20% Sales Growth $ 61,400 17,600 $ 79,000 $ 111,000 $ 106,000 55,320 45% Sales Growth $ 161,320 $ 351,320 Calculate the EFN for 15, 20 and 45 percent growth rates. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) EFN 15% 20% 45%