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1.Todd Corp. manufactures train components. On January 1, 2011,management provided the following forecast of income for the nextfive years:YearForecastedNet Income2011$53,5762012$65,8532013$77,9852014$88,6462015$97,672Thomas' common shareholders' equity was $422,174 on January 1,2011. The firm does notexpect to pay a dividendduring the 2011-2015 period. Thomas' cost of equity capital is 11percent.Required:Compute the value of Todd Company on January 1, 2011, using theresidual income valuation model and the half year convention. T.Harp, the CEO of Todd, expects net income to grow at a rate of 6percent annually after 2015.*Use excel cell reference