The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2012 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. 2011 Income Statement
Sales				$	836,100
Costs					650,700
Other expenses					17,100
Earnings before interest and taxes				$	168,300
Interest expense					12,600
Taxable income				$	155,700
Taxes					54,495
Net income				$	101,205
Dividends	$	30,300
Addition to retained earnings		70,905

MOOSE TOURS, INC. Balance Sheet as of December 31, 2011
Assets				Liabilities and Owners