Question 8 of 14 < > -/0.5 E Crane Corporation operates a wholesale electrical supply company with two locations. Each location is evaluated as an investment center. Selected results from the latest year are as follows: Location #1 Location #2 Sales $634,000 $852,000 Variable expenses 484,000 684,000 Direct fixed expenses 124,000 104,000 Average assets 914,000 804,000 Current liabilities 144,000 204,000 Required rate of return 10 % 12 % Weighted average cost of capital 8 % 6 % Tax rate 24 % 28 % (a) Calculate the residual income for Location #1. (If the amount is negative then enter with a negative sign preceding the number, eg -5,125 or parenthesis, eg. (5,125)) Residual income for Location #1 $