The most recent financial statements for Hopington Tours Inc. follow. Sales for $2020$ are projected to grow by $20\%.$ 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.

$2019$ Statement of Comprehensive Income

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 $(40\%)51,600$

Net income $ $77,400$

Dividends $ $18,060$

Addition to retained earnings $59,340$

HOPINGTON TOURS INC.

Statement of Financial Position as of December $31,2019$

Assets Liabilities and Owners$$ Equity

Current assets Current liabilities

Cash $ $25,900$ Accounts payable $ $68,600$

Accounts receivable $41,300$ Notes payable $17,600$

Inventory $87,500$ Total $ $86,200$

Total $ $154,700$ Long$-$term debt $ $132,000$

Owners$$ equity

Fixed assets Common stock and paid$-$in surplus $ $118,000$

Net plant and equipment $ $310,400$ Retained earnings $128,900$

Total $ $246,900$

Total assets $ $465,100$ Total liabilities and owners$$ equity $ $465,100$

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

$20\%$ Sales

Growth

Sales $

Costs

Other expenses

EBIT $

Interest

Taxable income $

Taxes $(40\%)$

Net income $

Dividends $

Add. to RE

Complete the pro forma statement of financial position below.

HOPINGTON TOURS INC.

Pro Forma Statement of Financial Position

Assets Liabilities and Owners$$ Equity

Current assets Current liabilities

Cash $ Accounts payable $

Accounts receivable $ Notes payable $

Inventory $ Total $

Total $ Long$-$term debt $

Owners$$ equity

Fixed assets Common stock and paid$-$in surplus $

Net plant and equipment $ Retained earnings $

Total $

Total assets $ Total liabilities and owners$$ equity $

Calculate the EFN for $20\%$ growth rates.

$20\%$

EFN $