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1. Cute Camel is able to achieve this level of increased sales, but its interest costs increase from 10% to 15% of earnings before interest and taxes (EBIT). 2. The company's operating costs (excluding depreciation and amortization) remain at 70% of net sales, and its depreciation and amortization expenses remain constant from year to year. 3. The company's tax rate remains constant at 25% of its pre-tax income or earnings before taxes (EBT). 4. In Year 2, Cute Camel expects to pay $100,000 and $1,281,375 of preferred and common stock dividends, respectively. Complete the Year 2 income statement data for Cute Camel, then answer the questions that follow. Be sure to round each dollar value to the wwhole dollar Year 2 (Forecaste 600,000 Net sales Less: Operating costs, except depreciation and amortization Less: Depreciation and amortization expenses Operating income (or EBIT) Less: Interest expense Pre-tax income (or EBT) Less: Taxes (25%) Earnings after taxes Less: Preferred stock dividends Earnings available to common shareholders Less Common stock dividends Contribution to retained earnings Cute Camel Woodcraft Company Income Statement for Year Ending December 31 Year 1 $15,000,000 10,500,000 600,000 $3,900,000 390,000 3,510,000 877,500 $2,632,500 100,000 2,532,500 1,053,000 $1,479,500 $1,822,062 ALEXIS: Yes, I do. Let's see if we can make these terms make sense by talking through their meaning and their significance to investors. The term book value has several uses. It can refer to a single asset or the company as a whole. When referring to an individual asset, such a plece of equipment, book value refers to the asset's , adjusted for any accumulated depreciation or amortization expense. The value, or difference between these two values, is called the asset's book value In contrast, when the term refers to the entire company, it means the total value of the company's the firm's as reported CLAIRE: That makes sense. So, what makes this value important to investors is that it is value that can change-but only due to a couple of events, including the of Treasury stock, the sale of new common or preferred shares, and the Equally important, it change in response to changes in the market prices of the firm's shares. payment of ALEXIS: Right? So, how useful would a firm's book value be for assessing the performance of Water & Power's management? CLAIRE: Well, because Water & Power's book value with changes in the market price of the firm's shares, the firm's book value reflect management's efforts to maximize the shareholder wealth and therefore be used to evaluate management's performance. Now, what about "Market Value Added"? ALEXIS: During the 1990s, the consulting firm Stern, Stewart & Company developed the concept of Market value Added, or MVA, to better assess management's performance in maximizing their shareholders' wealth. To achieve this, a firm's MVA is computed as the between (of) the value and the value of Water & Power's shareholders' equity Ok, now here's a question for you. Compared to the book value, what is the advantage of the MVA as a means of evaluating management's performance? CLAIRE: Well, I would say that because the market value of Water & Power's shareholders' equity is calculated by multiplying the shares by the number of shares then it will fluctuate depending on how the market perceives management's performance. A positive assessment will result in market price and MVA. ALEXIS: Nicely donel Does this make your reading of Water & Power's annual report easier