Exercise 11-2 (Algo) Residual Income [LO11-2] Juniper Design Limited of Manchester, England, provides design services to residential developers. Last year, the company had net operating income of $490,000 on sales of $1,300,000. The company's average operating assets for the year were $1,500,000 and its minimum required rate of return was 14%. Required: Compute the company's residual income for the year