Assets Cash Accounts receivable Inventory Balance Sheet Beginning Balance $ 140,000 450,000 Ending Balance $ 120,000 530,000 380,000 Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity 320,000 680,000 250,000 180,000 $ 2,020,000 $ 360,000 1,500,000 160,000 Total liabilities and stockholders' equity $ 2,020,000 620,000 280,000 170,000 $ 2,100,000 $310,000 1,500,000 290,000 $ 2,100,000 Joel de Paris, Incorporated Income Statement Sales Operating expenses Interest and taxes: Net operating income. Interest expense Tax expense Net income $ 150,000 110,000 $ 4,050,000 3,645,000 405,000 260,000 $145,000 The company paid dividends of $15,000 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%. Required: 1. Compute the company's average operating assets for last year.