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Question 14: Iba Industries is a division of a major corporation. The following data are for the latest year of operations: Sales $5,820,000 Net operating

Question 14: Iba Industries is a division of a major corporation. The following data are for the latest year of operations:

Sales $5,820,000

Net operating income $436,500

Average operating assets $2,000,000 T

he company's minimum required rate of return 18%

Required: What is the division's residual income?

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