Over the past 10 years, the Dharma Initiative has been investing substantially in R&D dedicated to understanding meteorology, psychology, parapsychology, zoology, and electromagnetism. Their FY 2020 Income Statement, and their R&D expenditures are below. The market value of Debt is $10,035.3 and the current share price is $48.15.

Revenues
Net Sales		110,225
Expenses
Cost of Sales		(72,653.00)
SG&A		(19,740.00)
D&A		(1,989.00)
Impairment loss
Interest Expense		(1,201.00)
Interest and Investment Income		73.00
R&D Expense		(335.40)
Earnings before Taxes		14,379.60
Taxes and other Expenses
Provision for Income Tax		(3,473.00)
Net Income (Loss)		10,906.60
Supplementary Info
Diluted EPS - Continuing Operator		15.67

Year	R&D Expenses
2020	335.4
2019	624.7
2018	190.8
2017	111.6
2016	30.2
2015	1452.4
2014	902.2
2013	100.9
2012	45.8
2011	27.9
2010	79.6

1. Calculate the amortized portion of R&D, if the amortization period is 8 years.

2. Calculate the unamortized portion of R&D, if the amortization period is 8 years.

3. What is the value after-tax Adjusted Operating Income, using the effective tax rate?

4. What is the Return on Capital before adjusting for R&D?

5. What is the Return on Capital after adjusting for R&D?