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 $480,000 on sales of $2,100,000. The company's average operating assets for the year were $2.300,000 and its minimum required rate of return was 16%. Required: Compute the company's residual income for the year. Residual income