The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to grow by 25%, 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. The firm is operating at full capacity and no new debt or equity is issued. HOPINGTON TOURS INC. 2017 Statement of Comprehensive Income Sales $757,000 Costs 592,000 Other expenses 13,000 Earnings before interest and taxes $152,000 Interest paid 15,000 Taxable income $137,000 Taxes (35%) 47,950 Net income $ 89,050 Dividends $21,920 Addition to retained earnings 67,130 Assets Current assets Cash Accounts receivable Inventory Total HOPINGTON TOURS INC. Statement of Financial Position as of December 31, 2017 Liabilities and Owners' Equity Current liabilities $ 26,700 Accounts payable 42,100 Notes payable 88,300 Total $157,100 Long-term debt Ouners' equity Common stock and paid in surplus $360,400 Retained earnings Total $ 69,400 18,400 $ 87,800 $140,000 Fixed assets Net plant and equipment $126,000 163, 700 $289.780 The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to grow by 25%. 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. The firm is operating at full capacity and no new debt or equity is issued HOPINGTON TOURS INC. 2017 Statement of comprehensive Income Sales $757,000 Costs 592,000 Other expenses 13,000 Earnings before interest and taxes $152,000 Interest paid 15,000 Taxable income $137.000 Taxes (35%) 47,950 Net income $ 89,050 Dividends $21,920 Addition to retained earnings 67,130 Assets Current assets Cash Accounts receivable Inventory Total HOPINGTON TOURS INC. Statement of Financial Position as of December 31, 2017 Liabilities and Owners' Equity Current liabilities $ 26,700 Accounts payable 42,100 Notes payable 88,300 Total $157, 100 Long-term debt Owners' equity Common stock and paldin surplus $360,400 Retained earnings Total $517,500 Total liabilities and ownersity $ 69,400 18 400 $ 87,800 $140.000 Fixed assets Net plant and equipment $126,000 16,700 5289,700 $517.500 Total assets ,503 Total liabilities and owners' equity $517,500 Complete the pro forma statement of comprehensive income below. (Input all amounts as positive values. Omit $ sign in your response.) HOPINGTON TOURS INC. Pro Forma Statement of Comprehensive Income 25 % Sales Growth Sales $ Costs other expenses EBIT Interest Taxable income Taxes (35) Net income Dividends Add. to RE Complete the pro forma statement of financial position below. Assets $ $ Current assets Cash Accounts receivable Inventory Total $ $ HOPINGTON TOURS INC. Pro Forma Statement of Financial Position Liabilities and Owners' Equity Current liabilities $ Accounts payable Notes payable $ Total $ Long-term debt Owners' equity Common stock and paid in surplus Retained earnings Total Total liabilities and owners' equity $ Fixed assets Net plant and equipment $ $ $ Total assets Calculate the EFN for 25% growth rates 25% $ EFN