PV of Future residual earnings

CFA Level II Equities
#1

I am a little confused about how the PV of future residual earnings is positive if Intrinsic value > Book value?

My point is if the future residual earnings are all zero but we had positive residual earnings in previous years, wont that make Intrinsic value > Book value?

I am pretty sure there is some flaw in my logic but I really dont seem to grasp this aspect.

#2

those past positive residual earnings be already added to the equity (book value).

#3

the underlying principal of finance, for the CFA exams at least, is that the value of an asset is the present value of its future cash flows.