The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 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. 2017 Statement of Comprehensive Income
Sales			$	762,000
Costs				597,000
Other expenses				18,000
Earnings before interest and taxes			$	147,000
Interest paid				12,000
Taxable income			$	135,000
Taxes (40%)				54,000
Net income			$	81,000
Dividends	$	32,400
Addition to retained earnings		48,600

HOPINGTON TOURS INC. Statement of Financial Position as of December 31, 2017
Assets			Liabilities and Owners Equity
Current assets			Current liabilities
Cash	$	27,200	Accounts payable	$	69,900
Accounts receivable		42,600	Notes payable		18,900
Inventory		88,800	Total	$	88,800
Total	$	158,600	Long-term debt	$	121,000
			Owners equity
Fixed assets			Common stock and paid-in surplus	$	131,000
Net plant and equipment	$	230,000	Retained earnings		47,800
			Total	$	178,800
Total assets	$	388,600	Total liabilities and owners equity	$	388,600

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	$