QUESDIO View Policies Current Attempt in Progress EXHIBIT 19.10 Empire Enterprises: Pro Forma Income Statement and Balance Sheet ($ millions) The pro forma balance sheet for Empire Enterprises does not balance, and the difference is the amount of EFN. Because the company's board does not wish to issue common stock, the funding will have to take the form of long-term debt. Income Statement (Pro Forma) Net sales $120.0 Costs 180.0 Net income $ 12.0 Dividends $ 7.2 Addition to retained earnings $ 4.8 Assets Projected $60.0 Change Balance Sheet (Pro Forma) Liabilities and Stockholders' Equity Projected Total debt $20.0 Equity 34.8 Total liabilities and stickholders' equity $54.8 Change $0.0 Assets $10.0 4.8 Total assets $60.0 $10.0 $4.8 Calculate the external financing needed. (Round answer to 1 decimal place, e.g. 0.4.) EFN $ millions e Textbook and Media Attempts: 0 of 3 used Save for Later