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Accounting Income = Revenues - Expenses (based on Accounting Depreciation).

Claims valuation - split up the claims between Equity/Debt Holders, value each claim individually, sum them up to arrive at Firm value.

EP=NOPAT-$WACC [NOPAT= EBIT(1-T)]
MVA=NPV of EPt @ WACC

EIncome=AT Cash Flows - Economic Depreciation
=AT Cash Flows -(Ending Value - Beginning Value)
Eincome also = AT Cash Flows + Change in Market Value


MVA=MV(Debt)+MV(Equity)

CP