Question 2, E12-23A (similar to) ) Hw Score: 9.3%, 0.65 of 7 points Part 2 of 4 9 Points: 0.22 of 1 Crush Golf Products is considering whether to upgrade its equipment. Managers are considering two options Equipment manufactured by Richland Inc. costs $960,000 and will last six years and have no residual value. The Richland equipment will generate annual operating income of $168,000. Equipment manufactured by Brookside Limited costs $1,125,000 and will remain useful for seven years. It promises annual operating income of $236,250, and its expected residual value is $105,000. 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 Average annual operating income from asset + Initial investment = rate of return Richland + = %