The most recent financial statements for Crosby Incorporated, follow. Sales for 2021 are projected to grow by 20 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
2020 Income Statement
Sales		$ 763,000
Costs		598,000
Other expenses		34,000
Earnings before interest and taxes		$ 131,000
Interest paid		30,000
Taxable income		$ 101,000
Taxes (25%)		25,250
Net income		$ 75,750
Dividends	$ 23,483
Addition to retained earnings	52,267

CROSBY, INCORPORATEDBalance Sheet as of December 31, 2020Assets Liabilities and Owners Equity Current assets Current liabilities Cash$ 22,240Accounts payable$ 56,400Accounts receivable45,180Notes payable15,600 Inventory107,960Total$ 72,000 Total$ 175,380Long-term debt$ 146,000 Fixed assets Owners equity Net plant and equipment$ 439,000Common stock and paid-in surplus$ 122,500 Retained earnings273,880 Total$ 396,380 Total assets$ 614,380Total liabilities and owners equity$ 614,380

In 2020, 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. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)