Calculating Economic Value Added Barnard Manufacturing earned operating income last year as shown in the following income statement:

Sales	$4,000,000
Cost of goods sold	2,100,000
Gross margin	$1,900,000
Selling and administrative expense	1,100,000
Operating income	$800,000
Less: Income taxes (@ 40%)	320,000
Net income	$480,000

At the beginning of the year, the value of operating assets was $2,700,000. At the end of the year, the value of operating assets was $2,300,000. Total capital employed equaled $1,400,000. Barnards actual cost of capital is 12%. Required: Calculate the EVA for Barnard Manufacturing.