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 Costs Other expenses $761,000 596,000 32,000 Earnings before interest and $133,000 taxes Interest paid 28,000 Taxable income Taxes (23%) Net income Dividends Addition to retained earnings 105,000 24,150 $ 80,850 $ 25,064 55,786 CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Liabilities and Owners' Equity Assets Current liabilities $ 22,040 44,980 Accounts payable Notes payable 105,960 Total Current assets Cash Accounts receivable Inventory $ 56,200 15,400 $ 71,600 er 4 HW-2 M Question 4-Chapter 4 HW-2-Connect Saved Accounts receivable 44,980 Notes payable 15,400 Inventory 105,960 Total $71,600 Total $144,000 Fixed assets $172,980 Long-term debt Net plant and equipment $437,000 Owners' equity Common stock and paid-in $121,500 surplus Book Retained earnings 272,880 Total $ 394,380 Hint Total assets $ 609,980 Total liabilities and owners' equity $ 609,980 Print ferences In 2020, the firm operated at 75 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.) Sales Pro Forma Income Statement Costs Other expenses EBIT $ 0 Interest Taxable income $ 0 Taxes (23%) Net income $ 0 nces Pro Forma Balance Sheet Assets Current assets Current liabilities Cash Accounts payable Liabilities and Owners' Equity Accounts receivable Notes payable Inventory Total current liabilities $ 0 Total current assets $ 0 Long-term debt Fixed assets Net plant and equipment Owners' equity Common stock and paid-in surplus Retained earnings Total owner's equity $ 0 Total assets $ 0 Total liabilities and owners' equity $ 0 What is the EFN? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32. A negative answer should be indicated by a minus sign.) EFN