The most recent financial statements for Crosby, Incorporated, follow. Sales for 2021 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
2020 Income Statement
Sales		$ 746,000
Costs		581,000
Other expenses		17,000
Earnings before interest and taxes		$ 148,000
Interest paid		13,000
Taxable income		$ 135,000
Taxes (23%)		31,050
Net income		$ 103,950
Dividends	$ 31,185
Addition to retained earnings	72,765

CROSBY, INCORPORATED
Balance Sheet as of December 31, 2020
Assets		Liabilities and Owners Equity
Current assets		Current liabilities
Cash	$ 20,540	Accounts payable	$ 54,700
Accounts receivable	43,480	Notes payable	13,900
Inventory	90,960	Total	$ 68,600
Total	$ 154,980	Long-term debt	$ 129,000
Fixed assets		Owners equity
Net plant and equipment	$ 422,000	Common stock and paid-in surplus	$ 114,000
		Retained earnings	265,380
		Total	$ 379,380
Total assets	$ 576,980	Total liabilities and owners equity	$ 576,980

In 2020, the firm operated at 75 percent of capacity. Construct the pro forma income statement and balance sheet for the company. Assume that fixed assets are sold so that the company has a 100 percent asset utilization