I know the answers I just need detailed step-by-step instructions.

16. Use the following data to answer the next question:

Maxim Industries Inc.
Net Operating Income after Tax	$1,000,000
Earnings Before Interest and Tax	$1,200,000
Sources of financing		Cost
Debt	$4,000,000	8%
Equity	$5,000,000	10%	(risk premium)
Total	$9,000,000
Tax rate		40%
Long-term US trasury bond rate		4%	(risk-free rate)
Minimum desired return		8%

a.What is the EVA for Maxim Industries? (Ans: $108,000)

b. What is Maxims Industries residual income? (Ans: $480,000)