e most recent financial statements for Crosby, Inc., follow. Intere nstant; the tax rate and the dividend payout rate will also r er expenses, current assets, fixed assets, and accouL ontaneously with sales. CROSBY, INC. 2017 Income Statement ales osts other expenses $755,000 611,000 25.000 $ 119,000 arnings before interest d taxes terest paid 10.800 The most recent financial statements for Crosby, Inc., follow constant; the tax rate and the dividend payout rate will other expenses, current assets, fixed assets, and spontaneously with sales. CROSBY INC 2017 Income Statement Sales $755,000 Costs 611.000 Other expenses 25.000 Earnings before interest S 110 00 statements for Crosby, Inc., follow. Interest expense will remain d the dividend payout rate will also remain constant. Costs, t assets, fixed assets, and accounts payable increase Y, INC. Statement $755,000 611,000 25.000 $ 119.000 10.800 $ 119,000 and taxes Interest paid 10,800 Taxable income Taxes (22%) $ 108,200 23.804 Net income $ 84,396 $ 31,840 Dividends Addition to retained earnings 52.556 CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Current assets Current liabilities Cash $ 24,440 Accounts payable Accounts receivable 33,780 Notes payable Inventory 70,700 Total Total $ 128,920 Long-term debt Owners' equity Common stock and paid-in surplus Fixed assets Liabilities and Owners' Equity Current liabilities Accounts payable $ 58,200 Notes payable 15,200 $ 24.440 33,780 70.700 Total $ 73.400 $ 128,920 Long-term debt $ 103.000 Owners' equity Common stock and paid-in surplus $ 98.000 AA FOA Total $ 128,920 Long-term debt $ 103,000 Fixed assets Owners' equity Common stock and paid-in surplus Retained earnings $ 98,000 Net plant and equipment $ 212,000 66,520 Total $ 164,520 Total assets $340,920 Total liabilities and owners' equity $340,920 Complete the pro forma income statements below. (Input all answers a values. Do not round intermediate calculations.) Pro Forma Income Statement 20% Sales Growth 25% Sales Growth 30% Sales GO Sales 943.750 $ 9 906.000 733,200 Costs 763.750 Other expenses 30.000 31.250 EBIT h $ 142.800 148,750 $ 12 Interest paid 10.800 10.800 Taxable income S 132.000 20% Sales Growth 25% Sales Growth 30% Sales Growth $ 943,750 $ 906,000 $ 733,200 30,000 142,800 $ 10,800 132,000 29,040 102,960 $ 981,500 794,300 32,500 154,700 10,800 763,750 31,250 148,750 $ 10.800 $ $ Pro Forma Income Statement 20% Sales Growth 25% Sales Growth 30% Sa Sales 943,750 $ Costs 906,000 733,200 30,000 142,800 $ 763,750 31,250 Other expenses EBIT $ $ 148,750 10,800 10.800 Interest paid Taxable income UP Taxes 132.000 29,040 102,960 Net income 69 Dividends Add to RE Calculate the EFN for 20, 25 and 30 percent growth rates. (Do not round inte calculations. A negative answer should be indicated by a minus sign.) 20% 25% 30% EFN