Exercise 11-2 Residual Income (L011-2] 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 $1,500,000. The company's average operating assets for the year were $1,700,000 and its minimum required rate of return was 13%. Required: Compute the company's residual income for the year. Residual income