! Required information [The following information applies to the questions displayed below.] The following information relates to a company's operations for last year. Sales Variable expenses Contribution margin Fixed expenses Net operating income Average operating assets $ 1,200,000 420,000 780,000 600,000 $ 180,000 600,000 The company's minimum required rate of return is 20%. 4. Calculate last year's residual income. Residual income