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Answer: (a) -93, 19.71%, 13.0%; (b) 13.0% = 12.28% + [0.093 x (12.28% - 4.5%)]; (c) you don't have to work on this part.

2005 2006
Operation assets 2000 2700
Marketable debt security 400 100
Operating liabilities (100) (300)
Bonds payable (1400) (1300)
Book value
$900 $1200
Sales 2100
Operating expenses (1677)
Interest revenue 27
Interest expenses (137)
Tax expense (rate=34%) (106)
Earning (net) 207

a. Calculate the dividends, net of capital contribution, for 2006.
b. Calculate ROCE, use average net book value in the denominator.
c. Calculate RNOA for 2006, use the average net operating assets in the denominator.
d. 1. Supply the numbers for the formula ROCE = pm*ato+(financial leverage*(RNOA - BORROWING COST)
? The firm's short term borrowing rate is 4.5% after tax, supply the numbers for the formula. @ RNOA = ROOA +(OLLEV * OLSPREAD)

e. repeat the exercise in part a using the following information

2005 2006
Operation assets 2000 2700
Marketable debt security 800 1000
Operating liabilities (100) (300)
Bonds value (net) 2700 3400

Sales 2100
Operating expenses (1677)
Interest revenue 90
tax expense (rate=34%) (174)
Earning (net) 339