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(The following data is used in questions 8 and 9) The following data are for the Mikey Division of Consolidated Walsh, Inc.: Sales Operating expenses

(The following data is used in questions 8 and 9) The following data are for the Mikey Division of Consolidated Walsh, Inc.: Sales Operating expenses Average operating assets Stockholders' equity $345,000 $275,000 $350,000 $75,000 Minimum required rate of return For the past year, residual income was: 15%

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