Exercise 11-2 Residual Income [LO11-2] 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 $450,000 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 14%. Required: Compute the company's residual income for the year. Average operating assets Net operating income Minimum required return Residual income