Calculating Residual Income Forchen, Inc., provided the following information for two of its divisions for last year: Small Cleaning Appliances Products Division Division Sales $34,670,000 $31,340,000 Operating income 2,590,300 1,253,500 Operating assets, 6,393,000 5,730,000 January 1 Operating assets, 7,580,000 6,460,000 December 31 Forchen, Inc., requires an 7 percent minimum rate of return. Required: 1. Calculate residual income for the Small Appliances Division. $ 2. Calculate residual income for the Cleaning Products Division. $ 3. What if the minimum required rate of return was 8 percent? How would that affect the residual income of the two divisions? Small Appliances Division residual income would be Cleaning Products Division residual income would be