Quantitative Problem: Rosnan Industries' 2013 and 2012 balance sheets and income statements are shown below. Balance Sheets:
2013 2012
Cash and equivalents $100 $85
Accounts receivable 275 200
Inventories 375 250
Total current assets $750 $635
Net plant and equipment 2,000 1,490
Total assets $2,750 $2,125
Accounts payable $150 $85
Accruals 75 50
Notes payable 150 75
Total current liabilities $375 $210
Long-term debt 450 290
Common stock 1,225 1,225
Retained earnings 700 400
Total liabilities and equity $2,750 $2,125
Income Statements:
2013 2012
Sales $2,000 $1,500
Operating costs excluding depreciation 1,250 1,000
EBITDA $750 $500
Depreciation and amortization 100 EBIT $650 $425
Interest 62 45 EBT $588 $380
Taxes (40%) 235 152
Net income $353 $228
Dividends paid $48
Addition to retained earnings $300 $180
Shares outstanding 190 190
Price $ 20.23 $ 22.73
WACC 11.00%
Using the financial statements given earlier, what is Rosnan's 2013 economic value added (EVA)? Round your answer to the nearest cent. Do not round intermediate calculations. ( Please note the answer is not $128.75, this answer gives me an error)