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JEY-8442 Inc. Balance Sheet Beginning Balance $ 128,000 331,000 Ending Balance $ 128,000 Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in
JEY-8442 Inc. Balance Sheet Beginning Balance $ 128,000 331,000 Ending Balance $ 128,000 Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Tesla Inc. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity 577,000 864,000 401,000 474,000 474,000 864,000 432,000 246,000 248,000 $ 2,549,000 $ 382,000 975,000 1,192,000 $ 2,618,000 $ 336,000 975,000 1,307,000 $ 2,549,000 $ 2,618,000 Sales JEY-8442 Inc. Income Statement $ 5,376,000 4,623,360 Operating expenses Net operating income Interest and taxes: $ 111,000 191,000 Interest expense Tax expense Net income 752,640 302,000 $ 450,640 JEY-8442 Inc. paid dividends of $335,640 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 company's residual income last year?
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