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 $ 749,000 Costs 584,000 Other expenses 20,000 Earnings before interest and taxes $ 145,000 Interest paid 16,000 Taxable income $ 129,000 Taxes (21%) 27,090 Net income $ 101,910 Dividends $ 31,592 Addition to retained earnings 70,318

CROSBY, INCORPORATED Balance Sheet as of December 31, 2020

Assets Liabilities and Owners Equity

Current assets Current liabilities

Cash $ 20,840 Accounts payable $ 55,000

Accounts receivable 43,780 Notes payable 14,200

Inventory 93,960 Total $ 69,200

Total $ 158,580 Long-term debt $ 132,000

Fixed assets Owners equity

Net plant and equipment $ 425,000 Common stock and paid-in surplus $ 115,500

Total assets $ 583,580 Retained earnings 266,880

Total $ 382,380 Total liabilities and owners equity $ 583,580

In 2020, the firm operated at 80 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. (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 $

Net Income $

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.)