The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2012 are projected to grow by either 15, 20 or 25 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales.

MOOSE TOURS, INC. 2011 Income Statement
Sales				$	755,000
Costs					590,000
Other expenses					11,000
Earnings before interest and taxes				$	154,000
Interest expense					12,000
Taxable income				$	142,000
Taxes					56,800
Net income				$	85,200
Dividends	$	34,080
Addition to retained earnings		51,120

MOOSE TOURS, INC. Balance Sheet as of December 31, 2011
Assets				Liabilities and Owners' Equity
Current assets				Current liabilities
Cash	$	21,440		Accounts payable	$	55,600
Accounts receivable		33,760		Notes payable		14,800
Inventory		70,720
				Total	$	70,400
Total	$	125,920		Long-term debt	$	138,000
				Owners equity
Fixed assets				Common stock and paid-in surplus	$	124,000
Net plant and equipment	$	240,000		Retained earnings		33,520
				Total	$	157,520
Total assets	$	365,920		Total liabilities and owners' equity	$	365,920

Complete the pro forma income statements below. (Input all amounts as positive values. Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. (e.g., 32))

MOOSE TOURS, INC. Pro Forma Income Statement
		15 % Sales Growth			20 % Sales Growth			25 % Sales Growth
Sales	$			$			$
Costs
Other expenses
EBIT	$			$			$
Interest
Taxable income	$			$			$
Taxes (40%)
Net income	$			$			$
Dividends	$			$			$
Add to RE

Calculate the EFN for 15, 20 and 25 percent growth rates. (Negative amount should be indicated by a minus sign.Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. (e.g., 32))

	15%	20%	25%
EFN	$	$	$