What is the solution for following question

The following information is from reformulated financial statements (in millions): Operating assets Short-term marketable securities Operating liabilities Bonds payable Book value Sales Operating expenses Interest revenue Interest expense Tax expense Earnings (net) 2012 $2,700 100 (300) (1,300) $1,200 $2,100 (1 ,677) 27 (137) (106) $207 2011 $2,500 400 (100) (1 ,400) $1 ,400 a. b. c. (1) Calculate ROCE for 2012; use average book value in the denominator. (2) (3) (4) (5) Calculate RNOA for 2012; use average net operating assets in the denominator. Show the effect of financial leverage for this firm Calculate the net dividends for 2012. What would be ROCE for 2012, if the firm has not paid out any dividend in 2012? Explain the effect of dividend payment. The firm's short-term borrowing rate is 4.5 percent after tax. Supply the numbers for the formula Page 1 of 2 RNOA = ROOA + (OLLEV x OLSPREAD) Supply the numbers for the formula: ROCE = PM x ATO + [Financial leverage x (RNOA Borrowing cost)]