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Question - B Division of Z Ltd has operating profits and assets for the year ended 30 June 2021 as below:
Operating profit
$170,000
Less: Non-cash expenses
$6,000
Less: Amortisation of goodwill
$4,000
Less: Interest @ 10%
$15,000
Profit before tax
$145,000
Tax @ 30%
$43500
Profits after tax
$101500
Total equity
$346,000
Long-term debt
$150,000
$496,000
Z Ltd has a target capital structure of 25% debt/75% equity. The cost of equity is estimated at 14%. The capital employed at the start of the year amounted to $485,000. Goodwill previously written off against reserves on acquisitions in previous years amounted to $40,000.
Required - Compute the EVA for B Division for the year ended 30 June 2021?
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