Financial data for Joel de Paris, Inc., for last year follow: Assets Cash Accounts receivable Inventory Joel de Paris, Inc. Balance Sheet Beginning Balance Ending Balance $ 139,000 $ 127,000 345,000 476,000 576,000 485,000 800,000 812,000 405,000 433,000 253,000 Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity $ 2,518,000 $ 373,000 968,000 1,177,000 $ 2,518,000 Joel de Paris, Inc. Income Statement Sales $ 4,136,000 Operating expenses 3,598,320 Interest and taxes: Tax expense Net operating income. Interest expense Net income 537,680 $ 126,000 202,000 328,000 $ 209,680 253,000 $ 2,586,000 $ 341,000 968,000 1,277,000 $ 2,586,000 The company paid dividends of $109,680 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%.