Inc. reported the following data for last year:

Inc. paid dividends of $263,520 last year. The Investment in Tesla Inc. item on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return is 15%.

What was the companys residual income last year?

multiple choice

$ 405,270

$ 402,520

$ 424,770

$ 412,020

\begin{tabular}{lrr} & Income Statement & \\ Sales & & $4,347,000 \\ Operating expenses & & 3,651,480 \\ Net operating income & & 695,520 \\ Interest and taxes: & \\ Interest expense & $127,000 & \\ Tax expense & 192,000 & 319,000 \\ \hline Net income & & $376,520 \\ \hline \hline \end{tabular}