Exercise $11-2($Algo$)$ Residual Income $[$L$011-2]$

Juniper Design, provides design services to residential developers. Last year, the company had net operating income of $$460,000$ on sales of $$1,100,000.$ The company's average operating assets were $$1,300,000$ and its minimum required rate of return was $15\%.$

Required:

Compute the company's residual income.