The most recent financial statements for Crosby, Incorporated, follow. Sales for 2021 are projected to grow by 25 percent. 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. CROSBY, INCORPORATED 2020 Income Statement $ Sales 755,000 Costs 611,000 25,000 Other expenses Earnings before interest and $ 119,000 taxes Interest paid Taxable income 10,800 $ Taxes (22%) Net income Dividends 108,200 23,804 $ 84,396 $31,840 52,556 Addition to retained earnings CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Liabilities and Owners' Equity Current assets Cash Accounts receivable Inventory Total Fixed assets Assets Current liabilities $ 24,440 Accounts payable 33,780 Notes payable 70,700 Total $128,920 Long-term debt Owners' equity Net plant and equipment $212,000 Total assets $ 58,200 15.200 $ 73,400 $103,000 Common stock and paid-in surplus Retained earnings Total $ 102,000 62,520 $ 164,520 $340,920 Total liabilities and owners' equity $340,920 What is the EFN if the firm wishes to keep its debt-equity ratio constant? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.)