Foreman Publishing Company’s income for the most recent quarter was $500,000, and the average net book value (NBV) of assets during the quarter was $1.5 million. If the company has a required rate of...

Foreman Publishing Company’s income for the most recent quarter was $500,000, and the average net book value (NBV) of assets during the quarter was $1.5 million. If the company has a required rate of return of 15% on investment, what was the residual income (RI) for the quarter?