Exercise 12-13 The following income statements and other information are available for the Schneider Company: 2014 2013 2012 Sales $380,300,000 $256,200,000 $195,200,000 Less cost of goods sold 209,165,000 122,976,000 93,696,000 Gross margin 171,135,000 133,224,000 101,504,000 Less: Selling and administrative costs 26,621,000 25,620,000 19,520,000 Research and development 15,212,000 12,810,000 9,760,000 Income from operations 129,302,000 94,794,000 72,224,000 Less taxes on income 38,790,600 28,438,200 21,667,200 Net income $90,511,400 $66,355,800 $50,556,800 Total assets $719,600,000 $661,600,000 $442,800,000 Noninterest-bearing current liabilities 140,500,000 11,310,000 98,640,000 Cost of capital 12% 12% 12% Calculate EVA for 2014. Assume that for purposes of calculating EVA, the company capitalizes research and development expenditures and amortizes them over three years, including the year they are incurred. For external reporting purposes, research and development is expensed in the year incurred, as indicated in the income statements above. (Round answer to the nearest whole dollar, e.g. 5,725.) EVA for 2014 $