Following are the income statement and balance sheet for Intel Corporation.

Income Statement Year Ended Dec $1 (in millones) 2005 2004 2003

Net Revenue 38,826 34,209 30,141

Cost of Sales 15,777 14,463 13,047

Gross margin 23,049 19,746 17,094

Research and development 5145 4778 4360

Marketing general and administrative 5688 4659 4278

Impairment and goodwill ------ ------- 617

Amortization and impairment of acquisition

related intangible and cost 126 179 301

Purchased in process research and development ----- ---- 5

Operating expense 10,959 9616 9561

Operating income 12,090 10,130 7533

Losses on equity securities, net (45) (2) (283)

Interest and other, net 585 289 192

Income before taxes 12,610 10,417 7,442

Provision for taxes 3946 2901 1801

Net Income 8684 7516 5641

Compute Intels net operating assets (NOA) for year-end 2005.

Group of answer choices

$29,107 million

$30,978 million

$21,157 million

$21,694 million

Balance Sheet December 31 (in millions, except par value) 2005 2004 $ 7324 3,990 1.458 $ 8,407 5/654 3,111 Assets Cash and cash equivalents Short-term Investments ..... Tracing assets.. Accounts receivable, net of allowance for doubtfu accounts of 164 (43 in 2004) ... Inventoiles .... Deferred tax assets... Other current et... Total current 48993 3,914 3,126 1,149 233 21,194 2,999 2,621 979 287 24,058 continued 2005 2004 17,111 537 4,135 3,873 1,464 $48,314 15,768 656 2,563 3,719 1,370 $48,143 Balance Sheet December 31 In millions, except par value) Property, plant and equipment, net Marketable strategic equity Securities. Other long-term Investments. Goochwill...... Deferred taxes and other assets Total assets. Llabilities and stockholders' equity ehort-term cebt..... Accounts payable.... Accrued compensation and benefits. Accrued advertising...... Deferred Income on shipments to distributors.. Other accrued liabilities..... Income taxes payable Total current llbillies... Long-term debt.. Deferred talabilities.. Other long-term ilablito... Stockhoklers' equity Preferred stock. $0.001 per value, 50 shares authorzect none sued.. Common stock, $0.001 par value, 10,000 shares authoritzed: 5,919 Issued and outstanding (6.253 in 2004) and capital In excess of par value..... Acquisition-related unearned stock compensation Accumulated other comprehensive Income. Retained earnings ... Total stockholders' equity... Total abilities and stockhokher equity. 313 2,249 2,110 1,160 632 810 1,960 9,234 2,105 703 69 $ 201 1,943 1,858 894 592 1,355 1,163 8,005 703 855 6,245 127 29,810 36,162 $48,314 6,143 (4) 152 32,288 38,579 $48,143 Balance Sheet December 31 (in millions, except par value) 2005 2004 $ 7324 3,990 1.458 $ 8,407 5/654 3,111 Assets Cash and cash equivalents Short-term Investments ..... Tracing assets.. Accounts receivable, net of allowance for doubtfu accounts of 164 (43 in 2004) ... Inventoiles .... Deferred tax assets... Other current et... Total current 48993 3,914 3,126 1,149 233 21,194 2,999 2,621 979 287 24,058 continued 2005 2004 17,111 537 4,135 3,873 1,464 $48,314 15,768 656 2,563 3,719 1,370 $48,143 Balance Sheet December 31 In millions, except par value) Property, plant and equipment, net Marketable strategic equity Securities. Other long-term Investments. Goochwill...... Deferred taxes and other assets Total assets. Llabilities and stockholders' equity ehort-term cebt..... Accounts payable.... Accrued compensation and benefits. Accrued advertising...... Deferred Income on shipments to distributors.. Other accrued liabilities..... Income taxes payable Total current llbillies... Long-term debt.. Deferred talabilities.. Other long-term ilablito... Stockhoklers' equity Preferred stock. $0.001 per value, 50 shares authorzect none sued.. Common stock, $0.001 par value, 10,000 shares authoritzed: 5,919 Issued and outstanding (6.253 in 2004) and capital In excess of par value..... Acquisition-related unearned stock compensation Accumulated other comprehensive Income. Retained earnings ... Total stockholders' equity... Total abilities and stockhokher equity. 313 2,249 2,110 1,160 632 810 1,960 9,234 2,105 703 69 $ 201 1,943 1,858 894 592 1,355 1,163 8,005 703 855 6,245 127 29,810 36,162 $48,314 6,143 (4) 152 32,288 38,579 $48,143