Question
Assets reported the following data for last year. Cashi Accounts receivable Inventory Plant and equipment, net Balance Sheet Investment in Tesla Inc. Land (undeveloped)
Assets reported the following data for last year. Cashi Accounts receivable Inventory Plant and equipment, net Balance Sheet Investment in Tesla Inc. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable. Long-term debt Stockholders' equity Total liabilities and stockholders' equity Beginning Balance $ 137,000 Ending Balance $133,000 337,000 478,000 578,000 489,000 818,000 810,000 410,000 434,000 254,000 247,000 $ 2,534,000 $ 388,000 1,017,000 1,129,000 $ 2,534,000 $ 2,591,000 $ 347,000 1,017,000 1,227,000 $ 2,591,000 Sales Income Statement $ 4,725,000 3,921,750 Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net income $ 121,000 191,000 803,250 312,000 $ 491,250 paid dividends of $393,250 last year. The "Investment in Tesla Inc." item on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return is 15%. What was the company's residual income last year?
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