At the end of Year o Jarrett Corp. developed the following forecasts of net income: Forecasted Year Net Income Year 1 $20,856 Year 2 $22,733 Year 3 $24,552 Year 4 $27,252 Year 5 $29,978 Management believes that after Year 5 Jarrett will grow at a rate of 7% each year. Total common shareholders' equity was $112,768 on December 31, Year 0. Jarrett has not established a dividend and does not plan to paying dividends. Its cost of equity capital is 12%. Compute the value of Jarrett Corp. on January 1, Year 1, using the residual income valuation model. Use the half-year adjustment.