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 the dividend payout rate will also remain constant. Costs, other expenses

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 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.
2015 Income Statement

  Sales

$

747,000

  Costs

582,000

  Other expenses

18,000

  Earnings before interest and taxes

$

147,000

  Interest expense

15,000

  Taxable income

$

132,000

  Taxes (30%)

39,600

  Net income

$

92,400

  Dividends

$

18,480

  Addition to retained earnings

73,920

MOOSE TOURS, INC.
Balance Sheet as of December 31, 2015

Assets

Liabilities and Owners’ Equity

  Current assets

  Current liabilities

    Cash

$

20,640

    Accounts payable

$

54,800

    Accounts receivable

32,960

    Notes payable

14,000

    Inventory

69,920

      Total

$

68,800

      Total

$

123,520

  Long-term debt

$

130,000

  Fixed assets

  Owners’ equity

    Net plant and equipment

$

410,000

    Common stock and paid-in surplus

$

116,000

    Retained earnings

218,720

      Total

$

334,720

  Total assets

$

533,520

  Total liabilities and owners’ equity

$

533,520

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

  EFN

$ [removed]