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The most recent financial statements for Crosby, Incorporated, follow. 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.

CROSBY, INCORPORATED
2020 Income Statement
Sales		$ 772,000
Costs		628,000
Other expenses		33,500
Earnings before interest and taxes		$ 110,500
Interest paid		17,600
Taxable income		$ 92,900
Taxes (24%)		22,296
Net income		$ 70,604
Dividends	$ 19,940
Addition to retained earnings	50,664

CROSBY, INCORPORATED
Balance Sheet as of December 31, 2020
Assets		Liabilities and Owners Equity
Current assets		Current liabilities
Cash	$ 26,140	Accounts payable	$ 65,000
Accounts receivable	35,650	Notes payable	20,300
Inventory	72,230	Total	$ 85,300
Total	$ 134,020	Long-term debt	$ 120,000
		Owners equity
Fixed assets		Common stock and paid-in surplus	$ 115,000
Net plant and equipment	$ 229,000	Retained earnings	42,720
		Total	$ 157,720
Total assets	$ 363,020	Total liabilities and owners equity	$ 363,020

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

Calculate the EFN for 20, 25 and30 percent growth rates. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. A negative answer should be indicated by a minus sign.)

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