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		$ 766,000
Costs		622,000
Other expenses		30,500
Earnings before interest and taxes		$ 113,500
Interest paid		15,200
Taxable income		$ 98,300
Taxes (23%)		22,609
Net income		$ 75,691
Dividends	$ 35,340
Addition to retained earnings	40,351

CROSBY, INCORPORATED
Balance Sheet as of December 31, 2020
Assets		Liabilities and Owners Equity
Current assets		Current liabilities
Cash	$ 25,540	Accounts payable	$ 62,600
Accounts receivable	34,990	Notes payable	18,500
Inventory	71,690	Total	$ 81,100
Total	$ 132,220	Long-term debt	$ 114,000
		Owners equity
Fixed assets		Common stock and paid-in surplus	$ 109,000
Net plant and equipment	$ 223,000	Retained earnings	51,120
		Total	$ 160,120
Total assets	$ 355,220	Total liabilities and owners equity	$ 355,220

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 10, 15 and 40 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.)