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Financial data for Guyer Corporation, for last year follow: Guyer Corporation Balance Sheet Beginning Ending Balance Balance Assets Cash $ 140,000 $ 120,000 Accounts receivable

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Financial data for Guyer Corporation, for last year follow: Guyer Corporation Balance Sheet Beginning Ending Balance Balance Assets Cash $ 140,000 $ 120,000 Accounts receivable 450,000 530,000 Inventory 320,000 380,000 Plant and equipment, net 680,000 640,000 Investment in ABC, Inc. 250,000 280,000 Land (undeveloped) 180,000 170,000 Total assets $2,020,000 $2,120,000 Liabilities and Stockholders' Equity Accounts payable $360,000 $ 310,000 Long-term debt 1,500,000 1,500,000 Stockholders' equity 160,000 310,000 Total liabilities and stockholders' $2,020,000 $2,120,000 equity $4,050,000 3,620, eee Guyer Corporation Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense $150,000 Tax expense 110,000 Net income 43e, cee 260,000 $ 170,000 The company paid dividends of $15,000 last year. The "Investment in ABC, Inc" on the balance sheet represents an investment in the stock of another company, The company's minimum required rate of return of 8% What was the company's residual income last year? What was the company's residual income last year? Multiple Choice $39,600 $400 $299,600 $260,400

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