Quiz Company began the year with operating assets of $2,700,000. At year end, operating assets were $2,300,000. Quiz Company’s 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