Income Statement for 2018

Sales	$455,150,000
Less : Expenses excluding depreciation and amortization (Sales - EBITDA)	$386,877,500 (455,150,000 - 68,272,500)
EBITDA ( 15% of Sales)	$68,272,500 (455,150,000 * 15%)
Less: Depreciation and amortization (11% of net fixed assets)	$7,388,150 ($67,165,000 * 11%)
EBIT	$60,884,350
Less : Interest Expense	$8,575,000
EBT	$52,309,350
Taxes @40%	$20,923,740
Net Income	$31,385,610
Less: Common Dividends (40% of Net Income)	$12,554,244
Addition to Retained Earnings	$18,831,366

Assume that the firms after-tax cost of capital is 10.5%. What is the firms 2018 EVA? SHOW WORK/STEPS

2018 2017 Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets $102,850 103,365 38,444 $244,659 67,165 $311,824 $ 89,725 85,527 34,982 $210,234 42,436 $252,670 Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 30,761 30,477 16,717 $ 77,955 76,264 $154,219 100,000 57,605 $157,605 $311,824 $ 23,109 22,656 14,217 $ 59,982 63,914 $123,896 90,000 38,774 $128,774 $252,670