I need the solution for this problem. Please add all steps. Midlands Design Ltd of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of 400,000 on sales of 2,000,000. The company's average operating assets for the year were 2,200,000 and its minimum required rate of return was 16%. ( The currency in the United Kingdom is provided by a different symbol)
Required:
Compute the company's residual income for the year.