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Franklin Corporation has a desired taste of return of 8 percent. William Tobin is in charge of one of Franklins three investment centers. His center

Franklin Corporation has a desired taste of return of 8 percent. William Tobin is in charge of one of Franklins three investment centers. His center controlled operating assets of $2,400,000 that were used to earn $276,000 of operating income.

Required:

Compute Mr. Tobin's residual income.

Residual income =

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