suppliers, Delta Steel. To maintain Delta's separate identity, Blackwood reports Delta's operations as an investment center. Blackwood monitors all of its investment centers on the basis of return on investment $($ROI$).$ Management bonuses are based on ROI, and all investment centers are expected to earn a minimum $10\%$ return before income taxes.

Delta's ROI has ranged from $14\%$ to $18\%$ since $2020.$ The company recently had the opportunity for a new investment that would have yielded a $13\%$ ROI. However, division mana'gement decided against the investment because it believed that the investment would decrease the division's overall ROI.

The $2022$ operating statement for Delta follows. The division's operating assets were $$16,000,000$ at the end of $2022,$ a $6\%$ increase over the $2021$ year$-$end balance.

$\backslash$table$[[\backslash$table$[[$DELTA DIVISION$],[$Operating Statement$],[$For Year Ended December $31,2022(000$s omitted$)]]],[$Sales$,,$$$29,500$