There formulated balance sheet and income statement for a firm's 2009 fiscal year are given below.

At the end of 2009, 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 2010.
b. Forecast residual operating income for 2010.Usea required return for operations of 9 percent.
c. Value the shareholders' equity at the end of the 2009 fiscal year using residual income methods.
d. Forecast abnormal growth in operating income for 2011.
e. Value the shareholders' equity at the end of 2009 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 2009. A modified Black-Scholes valuation of these options is $15each. How does this information change your valuation?
g. Forecast (net) comprehensive income for2010.

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Comprehensive Income Statement Sales Operating expenses before stock compensation Stock option compensation Operating income Interest expense Interest income 522 Tax benefit Unrealized gain on investments Losses on put options Comprehensive income 120 124 376 Bafance Sheet Net operating assets Net financial obligations Common shareholders' equity 3,160