Chace Products Is a Division of a Major Corporation

question 1

Multiple Choice

Chace Products is a division of a major corporation. Last year the division had total sales of $21,300,000, net operating income of $575,100, and average operating assets of $5,000,000. The company's minimum required rate of return is 12%.
-The division's residual income is closest to:

• A)$575,100
• B)$1,175,100
• C)$(1,980,900)
• D)$(24,900)

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