ces Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet 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 Total liabilities and stockholders' equity Joel de Paris, Incorporated Income Statement Beginning Balance Ending Balance $ 128,000 $ 132,000 344,000 488,000 570,000 483,000 888,000 867,000 409,000 251,000 426,000 250,000 $ 2,590,000 $ 381,000 975,000 1,234,000 $ 2,646,000 $ 349,000 975,000 1,322,000 $ 2,590,000 $ 2,646,000 Sales $ 3,900,000 Operating expenses i Net operating income 3,315,000 585,000 Interest and taxes:) $113,000 Tax expense 192,000 305,000 $ 280,000 Interest expense Net income The company paid dividends of $192,000 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%.