The following information is from the reformulated statement of common stockholders equity and US GAAP income statement (in millions):

1- Recall 1 + =. Calculate the net dividends (d), net of capital contributions, for 2012.

2-Calculate ROCE for 2012; use average book value in the denominator. 3-Calculate RNOA for 2012; use the average net operating assets in the denominator 4-Supply the numbers for the formula: ROCE = PM * ATO + FLEV*(RNOA NBC)

\begin{tabular}{|l|l|l|} \hline & 2012 & 2011 \\ \hline Operating assets & $2,700 & $2,000 \\ \hline Short-term debt securities & 100 & 400 \\ \hline Operating liabilities & (300) & (100) \\ \hline Bonds payable & (1,300) & (1,400) \\ \hline Book Value (CSE) & 1,200 & 900 \\ \hline & & \\ \hline Sales & 2,100 & \\ \hline Operating expenses & (1,677) & \\ \hline Interest revenue & 27 & \\ \hline Interest expense & (137) & \\ \hline Tax expense (tax rate =34%) & (106) & \\ \hline Earnings (net) & $207 & \\ \hline \end{tabular}