Exercise 11-2 (Algo) Residual Income (L011-2] Juniper Design Limited of Manchester, England, provides design services to residential developers. Last year, the company had net operating income of $470,000 on sales of $1,700,000. The company's average operating assets for the year were $1,900,000 and its minimum required rate of return was 12%. Required: Compute the company's residual income for the year. Residual income