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The most recent financial statements for Crosby, Inc., follow. Interest expense will remain constant; the tax...

The most recent financial statements for Crosby, Inc., 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, INC.
2017 Income Statement
  Sales $ 763,000
  Costs 619,000
  Other expenses 29,000
  Earnings before interest and taxes $ 115,000
  Interest paid 14,000
  Taxable income $ 101,000
  Taxes (25%) 25,250
  Net income $ 75,750
Dividends $ 26,240
Addition to retained earnings 49,510
CROSBY, INC.
Balance Sheet as of December 31, 2017
Assets Liabilities and Owners’ Equity
  Current assets   Current liabilities
    Cash $ 25,240     Accounts payable $ 61,400
    Accounts receivable 34,660     Notes payable 17,600
    Inventory 71,420       Total $ 79,000
      Total $ 131,320   Long-term debt $ 111,000
  Owners’ equity
  Fixed assets     Common stock and paid-in surplus $ 106,000
    Net plant and equipment $ 220,000     Retained earnings 55,320
      Total $ 161,320
  Total assets $ 351,320   Total liabilities and owners’ equity $ 351,320

Complete the pro forma income statements below. (Input all answers as positive values. Do not round intermediate calculations.)

Calculate the EFN for 20, 25 and 30 percent growth rates. (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.)

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