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		$ 763,000
Costs		619,000
Other expenses		29,000
Earnings before interest and taxes		$ 115,000
Interest paid		14,000
Taxable income		$ 101,000
Taxes (25%)		25,250
Net income		$ 75,750
Dividends	$ 37,140
Addition to retained earnings	38,610

CROSBY, INCORPORATED
Balance Sheet as of December 31, 2020
Assets		Liabilities and Owners Equity
Current assets		Current liabilities
Cash	$ 25,240	Accounts payable	$ 61,400
Accounts receivable	34,660	Notes payable	17,600
Inventory	71,420	Total	$ 79,000
Total	$ 131,320	Long-term debt	$ 111,000
		Owners equity
Fixed assets		Common stock and paid-in surplus	$ 106,000
Net plant and equipment	$ 220,000	Retained earnings	55,320
		Total	$ 161,320
Total assets	$ 351,320	Total liabilities and owners equity	$ 351,320

Complete the pro forma income statements below.

Pro Forma Income Statement 15% Sales Growth 20% Sales Growth 45% Sales Growth Sales Costs Other expenses EBIT Interest paid Taxable income Taxes (25%) Net income Dividends Add to RE 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.) 15% 20% 45% EFN