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Lost Peak ski resort located in Montana caters to day skiers from nearby towns. Last...

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Accounting

Lost Peak ski resort located in Montana caters to day skiers from nearby towns. Last year the company had net operating income of $440,000 on sales of $1,500,000. Lost Peaks average operating assets for the year were $1,700,000 and its minimum required rate of return was 16%.

Required:

Compute the companys residual income for the year.

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