Use the following income statement of Elliott Game Theory Consulting to determine its net operating profit after taxes (NOPAT). Use 25% as the tax rate.

Elliott Game Theory Consulting Income Statement for Year Ending December 31

                                                                                                2020

Sales $800,000

Operating costs excluding depreciation ………….……… 700,000

Depreciation and amortization …………………….....………. 20,000

Earnings before interest and taxes ………………….……. $ 80,000

Less interest ………………………………………………...…….……… 2,000

Pre-tax income ………………………………………………...…… $ 78,000

Taxes (25%) ………………………………………………………....…. 19,500

Net income available to common stockholders ..…. $ 58,500