Homework: Chapter 12 Homework (required) Question 5, E12- 23A (similar to) Part 1 of 4 HW Score: 51.14%, 5.11 of 10 points O Points: 0 of 1 Save Select Golf Products is considering whether to upgrade its equipment. Managers are considering two options. Equipment manufactured by Atlas Inc. costs $800,000 and will last five years and have no residual value. The Atlas equipment will generate annual operating income of $156,000. Equipment manufactured by Lakeshore Limited costs $1,200,000 and will remain useful for six years. It promises annual operating income of $238,800, and its expected residual value is $110,000. Which equipment offers the higher ARR? First, enter the formula, then calculate the ARR (Accounting Rate of Return) for both pieces of equipment. (Enter the answer as a percent rounded to the nearest tenth percent.) Accounting =rate of return