The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2016 are projected to grow by 20 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. 2015 Income Statement
Sales				$	761,000
Costs					596,000
Other expenses					17,000
Earnings before interest and taxes				$	148,000
Interest expense					18,000
Taxable income				$	130,000
Taxes (30%)					39,000
Net income				$	91,000
Dividends	$	20,800
Addition to retained earnings		70,200

MOOSE TOURS, INC. Balance Sheet as of December 31, 2015
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	22,040		Accounts payable	$	56,200
Accounts receivable		34,360		Notes payable		15,400
Inventory		71,320
				Total	$	71,600
Total	$	127,720		Long-term debt	$	144,000
Fixed assets				Owners equity
Net plant and equipment	$	450,000		Common stock and paid-in surplus	$	130,000
				Retained earnings		232,120
				Total	$	362,120
Total assets	$	577,720		Total liabilities and owners equity	$	577,720

What is the EFN if the firm was operating at only 80 percent of capacity in 2015? Assume that fixed assets are sold so that the company has a 100 percent asset utilization