Davis Company has established a target rate of return of 15% for all divisions. For the most recent year, Waterloo Division generated sales of $12,000,000 and expenses of $9,000,000. Total assets at the beginning of the year were $7,000,000 and total assets at the end of the year were $9,000,000. Refer to Davis Company. In the most recent year, what was Waterloo Division's residual income? Select one: a. $1,200,000 b. $1,950,000 c. $1,650,000 d. $1,800,000

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