The following income statements and other information are available for the Steering Company: 2020 2019 2018 $425,600,000 235,200,000 190,400,000 $280,000,000 134,400,000 145,600,000 $212,800,000 101,920,000 110,880,000 Sales Less cost of goods sold Gross margin Less: Selling and administrative costs Research and development Income from operations Less taxes on income Net income 30,800,000 12,979,200 146,620,800 29,324,160 $117,296,640 $800,800,000 15,680,000 12% 27,720,000 13,888,000 103,992,000 20,798,400 $83,193,600 $744,800,000 12,656,000 12% 21,929,600 10,584,000 78,366,400 15,673,280 $62,693,120 $493,920,000 11,065,600 12% Total assets Noninterest-bearing current liabilities Cost of capital Calculate EVA for 2020. Assume that for purposes of calculating EVA, the company capitalizes research and development expenditures and amortizes them over three years, including the year they are incurred. For external reporting purposes, research and development is expensed in the year incurred, as indicated in the income statements above. (Round answer to the nearest whole dollar, e.g. 5,725. Enter negative answers preceding either - sign, e.g. -45 or in parentheses, e.g. (45).) EVA for 2020 23577707