Deginning Balance EI10 119 Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in ABC, Inc. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity $ 140,000 $ 120,000 450,000 530,000 320,000 380,000 680,000 680,000 250,000 280,000 180,000 170,000 $2,020,000 $2,160,000 $ 360,000 $ 310,000 1,500,000 1,500,000 160,000 350,000 $2,020,000 $2,160,000 $4,050,000 3,630,000 Guyer Corporation Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest $150,000 expense Tax expense 110,000 Net income 420,000 260,000 $ 160,000 The company paid dividends of $15,000 last year. The "Investment in ABC, Inc." on the balance sheet represents an required rate of return of 5%. What was the company's residual income last year