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Exercise 12-13 The following income statements and other information are available for the Schneider Company: 2014 2013 2012 Sales $371,300,000 $258,200,000 $184,600,000 Less cost of

Exercise 12-13

The following income statements and other information are available for the Schneider Company:

2014 2013 2012
Sales $371,300,000 $258,200,000 $184,600,000
Less cost of goods sold 204,215,000 123,936,000 88,608,000
Gross margin 167,085,000 134,264,000 95,992,000
Less:
Selling and administrative costs 25,991,000 25,820,000 18,460,000
Research and development 14,852,000 12,910,000 9,230,000
Income from operations 126,242,000 95,534,000 68,302,000
Less taxes on income 37,872,600 28,660,200 20,490,600
Net income $88,369,400 $66,873,800 $47,811,400
Total assets $719,600,000 $663,500,000 $435,300,000
Noninterest-bearing current liabilities 141,100,000 11,400,000 98,790,000
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 $

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