The reformulated balance sheet and income statement for a firm's 2012 fiscal year are below (in millions of dollars).

At the end of 2012, sales were forecasted to grow at 6 percent per year on a constant asset turnover of 1.25. Operating profit margins of 14 percent (after tax) are expected each year. The firm's tax rate is 35 percent.
a. Forecast return on net operating assets (RNOA) for 2013.
b. Forecast residual operating income for 2013. Use a required return for operations of 9 percent.
c. Value the shareholders' equity at the end of the 2012 fiscal year using residual income methods.
d. Forecast abnormal growth in operating income for 2014.
e. Value the shareholders' equity at the end of 2012 using abnormal earnings growth methods.
f. After reading the stock compensation footnote for this firm, you note that there are employee stock options on 28 million shares outstanding at the end of 2012. A modified Black-Scholes valuation of these options is $15 each. How does this information change your valuation?
g. Forecast (net) comprehensive income for 2013.

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Comprehensive Income Statement 3,726 (3,204) 522 Sales Operating expenses Ol before stock compensation Stock option compensation Operating income Interest expense Interest income (22) 500 98 (15) 83 Tax benefit 29 54 Unrealized gain on investments Losses on put options Comprehensive income (50) (124) 376 120 Balance Sheet 2012 2011 Net operating assets Net financial obligations Common shareholders' equity 3,160 2,900 1,290 1,870 1,470 1,430