Exercise 11-2 (Algo) Residual Income [LO11-2] Jumper Design timited of Manchestet, England, provides design services to residential developers, Last year, the company had net operating income of $480,000 on sales of $1,100,000. The company's average operating assets for the year were $1,300,000 and its minimum required rate of refum was 10% Required: Compute the company's residual income for the year