Forecasting and Estimating Share Value Using the DCF Model Following are the income statement and balance sheet for Intel Corporation.

INTEL CORPORATION Consolidated Statements of Income Net revenue $ 44,223 $ 35,127 $ 37,586 Cost of sales 15,132 15,566 16,742 Gross margin 29,091 19,561 20,844 Research and development 6,576 5,653 5,722 Marketing, general and adminstrative 6,309 7,931 5,452 Restructuring and asset impairment charges -- 231 710 Amortization of acquisition-related intangibles 18 35 6 Operating expenses 12,903 13,850 11,890 Operating income 16,188 5,711 8,954 Gains (losses) on equity method investments, net 117 (147) (1,380) Gains (losses) on other equity investments, net 231 (23) (376) Interest and other, net 109 163 488 Income before taxes 16,645 5,704 7,686 Provisions for taxes 4,581 1,335 2,394 Net income $ 12,064 $ 4,369 $ 5,292

Assets
Current assets
Cash and cash equivalents	$ 5,498	$ 3,987
Short-term investments	11,294	5,285
Trading assets	5,093	4,648
Accounts receivables, net	2,667	2,273
Inventories	3,757	2,935
Deferred tax assets	1,888	1,216
Other current assets	1,614	813
Total current assets	31,811	21,157
Property, plant and equipment, net	17,899	17,225
Marketable equity securities	1,008	773
Other long-term investments**	3,026	4,179
Goodwill	4,531	4,421
Other long-term assets	5,111	5,340
Total assets	$63,386	$53,095
Liabilities
Currnet liabilities
Short-term debt	$38	$172
Accounts payable	2,190	1,883
Accrued compensation and benefits	2,888	2,448
Accrued advertising	1,007	773
Deferred income on shipments to distributors	622	593
Other accrued liabilities	2,482	1,722
Total current liabilities	9,227	7,591
Long-term income taxes payable	190	193
Long-term debt	1,677	2,049
Long-term deferred tax liabilities	926	555
Other long-term liabilities	1,236	1,003
Total liabilities	13,256	11,391
Stockholders' equity:
Preferred stock, $0.001 par value	--	--
Common stock, $0.001 par value, 10,000 shares authorized; 5,581 issued and 5,511 outstanding and capital in excess of par value	16,178	14,993
Accumulated other comprehensive income (loss)	333	393
Retained earnings	33,619	26,318
Total stockholders' equity	50,130	41,704
Total liabilities and stockholders' equity	$ 63,386	$ 53,095

** These investments are operating assets as they relate to associated companies. (a) Compute Intel's net operating assets (NOA) for year-end 2010. 2010 NOA = (b) Compute net operating profit after tax (NOPAT) for 2010, assuming a federal and state statutory tax rate of 37%.(Round your answer to the nearest whole number.) 2010 NOPAT=