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 and accounts payable increase spontaneously with sales. CROSBY, INCORPORATED 2020 Income Statement Sales $ 760,000 595,000 31,000 Costs Other expenses $ 134,000 Earnings before interest and taxes Interest paid 27,000 Taxable income Taxes (22%) $ 107,000 23,540 Net income $ 83,460 Dividends Addition to retained earnings $ 25,038 58,422 CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 21,940 Accounts payable Accounts receivable 44,880 Notes payable $ 56,100 15,300 Inventory 104,960 Total $ 71,400 Total $ 171,780 Long-term debt $ 143,000 Fixed assets Owners' equity CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 21,940 Accounts payable Accounts receivable 44,880 Notes payable $ 56,100 15,300 Inventory 104,960 Total $ 71,400 Total $ 171,780 Long-term debt $ 143,000 Fixed assets Net plant and equipment $ 436,000 Owners' equity Common stock and paid-in surplus $ 121,000 Retained earnings 272,380 Total $ 393,380 Total assets $ 607,780 Total liabilities and owners' equity $ 607,780 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.) 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.) Pro Forma Income Statement Sales Costs Other expenses EBIT Interest Taxable income Taxes (22%) Net income Assets Current assets Pro Forma Balance Sheet Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total current liabilities Cash Accounts receivable Inventory Total current assets Long-term debt Owners' equity Pro Forma Balance Sheet Assets Current assets Cash Accounts receivable Inventory Total current assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total current liabilities Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total owner's equity Total liabilities and owners' equity Fixed assets Net plant and equipment Total assets 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