Exercise 10-2 Residual Income (LO10-2] Juniper 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 $470,000 on sales of $1,800,000. The company's average operating assets for the year were $2,000,000 and its minimum required rate of return was 12%. Required: Compute the company's residual income for the year. Residual income S 13