2016 sin lakh 2,360 530 160 370 120 ILLUSTRATION 5. Following data relates to Morning Glory Ltd. : PROFIT AND LOSS DATA 2015 $ in lakh Turnover 1,990 Pre-tax Accounting Profit 420 Taxation 126 Profit after Tax 294 Dividends 100 Retained Earnings 194 BALANCE SHEET DATA 2015 sin lakh Fixed Assets 740 Net Current Assets 800 1,540 Finance by Shareholders Funds 1,190 Medium and Long-term Bank Loans 350 1,540 250 2016 sin lakh 960 1,000 1,960 1,440 520 1,960 Pre-tax accounting profit is taken after deducting the economic depreciation of the company's fixed assets (also the depreciation used for tax purposes). Additional Information : (i) Economic depreciation was $ 190 lakh in 2015 and $ 210 lakh in 2016. (ii) Interest expenses were $ 26 lakh in 2015 and $ 36 lakh in 2016. (iii) Other non-cash expenses were $ 64 lakh in 2015 and $ 72 lakh in 2016. (iv) The tax rate is 2015 and 2016 was 30%. (v) Morning Glory Ltd. Has non-capitalized leases valued at $ 70 lakh in each year 2015 and 2016 (vi) The company's pre-tax cost of debt was estimated at 7% in 2015 and 8% in 2016. (vii) The company's cost of equity was estimated as 14% in 2015 and 16% in 2016. (viii) The target capital structure is 75% equity and 25% debt. (ix) Balance sheet capital employed at the end of 2014 was $ 1,390 lakh. Estimate the economic value added for Morning Glory Ltd. For 2015 and 2016