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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 thedividend payout rate will also remain constant. Costs, otherexpenses, current assets, fixed assets, and accounts payableincrease spontaneously with sales.

MOOSE TOURS, INC. 2015 Income Statement
  Sales				$	758,000
  Costs					593,000
  Other expenses					14,000
  Earnings beforeinterest and taxes				$	151,000
  Interestexpense					10,000
  Taxable income				$	141,000
  Taxes (40%)					56,400
  Net income				$	84,600
  Dividends	$	33,840
  Addition to retainedearnings		50,760

  

MOOSE TOURS, INC. Balance Sheet as of December 31, 2015
Assets		Liabilities and Owners’ Equity
  Current assets				  Currentliabilities
    Cash	$	21,740		    Accountspayable	$	55,900
    Accountsreceivable		34,060		    Notespayable		15,100
    Inventory		71,020
				      Total	$	71,000
      Total	$	126,820		  Long-term debt	$	102,000
  Fixed assets				  Owners’ equity
    Netplant and equipment	$	275,000		    Commonstock and paid-in surplus	$	102,000
				    Retainedearnings		126,820
				      Total	$	228,820
  Total assets	$	401,820		  Total liabilitiesand owners’ equity	$	401,820

   

What is the EFN if the firm was operating at only 80 percent ofcapacity in 2015? Assume that fixed assets are sold so that thecompany has a 100 percent asset utilization. (A negativeanswer should be indicated by a minus sign. Do not roundintermediate calculations and round your answer to the nearestwhole number, e.g., 32.)

  

  EFN

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