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Calculating Residual income Pelican Manufacturing earned operating income last year as shown in the following...

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Calculating Residual income Pelican Manufacturing earned operating income last year as shown in the following income statement: At the beginning of the year, the value of operating assets was $390,000. At the end of the year, the value of operating assets was $460,000. Pelican requires a minimum rate of return of 10%. Required: For Pelican, calculate: 1. Average operating assets 4 2. Residual income 1

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