Use the following condensed financial statements of Griffin Manufacturing Company to answer the following questions. The company's target rate of return is 35%. Griffin Manufacturing Company Income Statement For The Year Ended December 31, 2021 Sales $1,000,000 Cost of goods sold 650,000 Gross Profit 350,000 Operating Expenses 110,000 Operating Income 240,000 Other Expenses: Interest Expense (18,000) Income before taxes 222,000 Income tax expense (30.750) Net income $191.250 Griffin Manufacturing Company Balance Sheets December 31, 2021, and 2020 Assets 2021 2020 Cash $125,000 $125,000 Accounts receivable 100,000 35,000 Inventory 80,000 80,000 Equipment 170,000 125,000 Accumulated depreciation (25,000) (10,000) Land 100,000 25.000 Total assets Liabilities: $550,000 $450,000 Accounts payable Income taxes payable $ 65,000 $ 60,000 35,000 20.000 es/34 Total liabilities $100,000 $80,000 Equity Common stock Contributed Capital in excess of par value Retained earnings Total equity $150,000 $150,000 20,000 20,000 280,000 200,000 $450,000 $370,000 $550,000 $450,000 Total liabilities and equity Calculate Return on Investment AND Residual Income for Griffin