Layla Corporation has a required rate of return of 15% The weighted average of cost of capital is 10%. Information for Layla Corporation operations over the past 2 years follows.

2015 2014

Current assets 120,000 100,000

Property, plant & equipment (cost) 300,000 280,000

Accumulated depreciation 80,000 60,000

Current liabilities 90,000 70,000

Long term debt 85,000 80,000

Pretax operating income 52,800 48,900

Income tax rate 30% 30%

What was the Layla Corporation residual income for 2015?

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