The most recent financial statements for Crosby, Incorporated, follow. Sales for 2024 are projected to grow by 30 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets and accounts payable increase spontaneously with sales.

CROSBY, INCORPORATED
2023 Income Statement
Sales		$ 749,000
Costs		584,000
Other expenses		20,000
Earnings before interest and taxes		$ 145,000
Interest paid		16,000
Taxable income		$ 129,000
Taxes (21%)		27,090
Net income		$ 101,910
Dividends	$ 31,592
Addition to retained earnings	70,318

CROSBY, INCORPORATED
Balance Sheet as of December 31, 2023
Assets	Liabilities and Owners Equity
Current assets		Current liabilities
Cash	$ 20,840	Accounts payable	$ 55,000
Accounts receivable	43,780	Notes payable	14,200
Inventory	93,960	Total	$ 69,200
Total	$ 158,580	Long-term debt	$ 132,000
Fixed assets		Owners equity
Net plant and equipment	$ 425,000	Common stock and paid-in surplus	$ 115,500
		Accumulated retained earnings	266,880
		Total	$ 382,380
Total assets	$ 583,580	Total liabilities and owners equity	$ 583,580

In 2023, the firm operated at 80 percent of capacity. Construct the pro forma income statement and balance sheet for the company.

Assume that the company cannot sell fixed assets. This implies that asset utilization may remain less than 100 percent next year as well.

Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.

What is the EFN?

Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32.

EFN = ?

\begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Pro Forma Income Statement } \\ \hline Sales \\ \hline Costs \\ \hline Other expenses \\ \hline EBIT \\ \hline Interest \\ \hline Taxable income \\ \hline Taxes (21%) \\ \hline Net income & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Pro Forma Balance Sheet } \\ \hline Current assets & \multicolumn{2}{|c|}{ Liabilities and Owners' Equity } \\ \hline Cash & Accounts payable \\ \hline Accounts receivable & Notes payable \\ \hline Inventory & Total \\ \hline Total & Long-term debt \\ \hline & Commers' equity \\ \hline Fixed assets & Accumulated retained earnings \\ \hline Net plant and equipment & \multicolumn{1}{|c|}{ Total } \\ \hline & Total liabilities and owners' equity \\ \hline Total assets & \\ \hline \hline \end{tabular}