Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson Land (undeveloped) Total assets $135,000 138,000 489,000 472,000 851,000 430,000 245,000 $ 2,560,000 2,625,000 330,000 579,000 866,000 401,000 249,000 , S.A Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity $387,000 342,000 1,011,000 1,162,0001,272,000 $ 2,560,000 2,625,000 1,011,000 Joel de Paris, Inc. Income Statement Sales Operating expenses Net operating income Interest and taxes: 4,439,000 3,773,150 665,850 $ 123,000 Interest expense Tax expense 210,000333,000 $ 332,850 Net income The company paid dividends of $222,850 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%