The following data show the past 2 years of operation for a company: Return on Investment Residual Income Required Rate of Return Sales Asset Turnover Assets Net Operating Income Year 1 12% ? 8% $400,000 Year 2 20% $25,000 10% $500,000 ? ? Additional Information: 1. The sales margin in Year 2 is twice the margin of the first year. 2. The company had the same asset turnover in both years. What is the residual income in Year 1? O $24,000 O $10,000 O $16,000 $8,000