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Juniper Design, provides design services to residential developers. Last year, the company had net...

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Accounting

Juniper Design, provides design services to residential developers. Last year, the
company had net operating income of $500,000 on sales of $1,000,000. The company's average operating assets were $1,200,000 and its minimum required rate of return was 15%.
Required:
1. Compute the company's residual income.
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