Idom Industries is a division of a major corporation. The following data are for the latest year of… 1 answer below »

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Idom Industries is a division of a major corporation. The following data are for the latest year of… 1 answer below »

Idom Industries is a division of a major corporation. The following data are for the latest year of operations:
Sales
$12,480,000
Net operating income
$449,280
Average operating assets
$4,000,000
The company’s minimum required rate of return
12%
Required:
What is the division’s residual income?

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