Midlands Design Ltd. Of Manchester, England, is a company

Midlands
Design Ltd. Of Manchester, England, is a company specializing in providing
design services to residential developers. Last year the company had net
operating income of £400,000 on sales of £2,000,000. The company’s
average operating assets for the year were £2,200,000 and its minimum required
rate of return was 16%. (The currency in the United Kingdom is the pound,
denoted by £)

Required:

Compute the company’s residual income for the year.

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