THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1 5. Quiz Company reported the following information for the last year.

Sales $4,000,000 Cost of goods sold 2,100,000 Gross margin 1,900,000 Operating expenses 1,100,000 Operating income 800,000 Income taxes (40%) 320,000 Net income $480,000 Quiz Company began the year with operating assets of $2,700,000. At year end, operating assets were $2,300,000. Quiz Companys required rate of return was 15%, and the cost of capital was 12%. Total capital employed during the year was $1,400,000. Determine residual income (RI) for the year. Note: Give your answer using dollar signs and commas but not decimal points (cents). Example: $12,345