The following table shows a condensed income statement and balance sheet for the Rumford Smelting

Plant. Calculate the plants EVA assuming a cost of capital of 9%.

Income Statement

Revenue $56.66

Raw materials cost 18.72

Operating cost 21.09

Depreciation 4.50

Operating income 12.35

Tax at 35% 4.32

Net income 8.03

Assets as of December 31

Net operating working capital 7.08

Investment in plant and equipment 69.33

Less: accumulate depreciation 21.01

Net plant and equipment 48.32

Total assets 55.40