Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Beginning Balance $ 126,000 Ending Balance $ 137,000 333,000 476,000 564,000 482,000 807,000 775,000 400,000 429,000 251,000 251,000 $ 2,481,000 $ 2,550,000 $ 381,000 983,000 1,117,000 $ 344,000 983,000 1,223,000 $ 2,550,000 Total liabilities and stockholders' equity $ 2,481,000 Joel de Paris, Incorporated Income Statement Sales Operating expenses Interest and taxes: Net operating income Interest expense Tax expense Net income $ 129,000 194,000 $ 5,180,000 4,403,000 777,000 323,000 $ 454,000 The company paid dividends of $348,000 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%.