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, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockhol rs' equity Total liabilities and stockholders' equity $ 137,000 341,000 563,000 849,000 408,000 254,000 $ 2,552,800 $ 129,000 475,000 488,000 838,000 427,000 247,000 $ 2,604,000 $ 390,000 975,000 1, 187,000 $ 2,552,000 $ 347,000 975,000 1,282,000 $ 2,604,000 Joel de Paris, Inc. Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense $ 113,000 Tax expense 197,000 Net income $ 4,775,000 4,202,000 573,000 310,000 263,000 $ The company paid dividends of $168,000 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%. 1. 2. % Average operating assets Margin Turnover ROI Residual income % 3