The following selected information is from the financial statements of Bishop Corporation for the last fiscal year.
Current assets $ 500,000
Fixed assets 250,000
Current liabilities 100,000
Long-term debt 300,000
Stockholders equity 350,000
Operating profit 1,000,000
Income taxes 400,000
Net income 600,000
Bishop has a cost of capital of 10%. Balance sheet amounts remained constant throughout the year. The companys residual income for last year was