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What was Holt Company profit during the year

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Question - Holt Company Ltd determined residual income for the year of £22,000. The company's cost of capital was 12 per cent, the investment turnover was 2.0, and capital invested was £400,000. What was Holt Company's profit during the year?

A. £26,000

B. £48,000

C. £74,000

D. £70,000

Reference no: EM132530142

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