Financial data for Joel de Paris, Inc., for last year follow:

Joel de Paris, Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash $ 131,000 $ 136,000 Accounts receivable 331,000 486,000 Inventory 562,000 477,000 Plant and equipment, net 846,000 811,000 Investment in Buisson, S.A. 406,000 433,000 Land (undeveloped) 246,000 245,000 Total assets $ 2,522,000 $ 2,588,000 Liabilities and Stockholders' Equity Accounts payable $ 380,000 $ 338,000 Long-term debt 1,019,000 1,019,000 Stockholders' equity 1,123,000 1,231,000 Total liabilities and stockholders' equity $ 2,522,000 $ 2,588,000

Joel de Paris, Inc. Income Statement Sales $ 4,725,000 Operating expenses 3,969,000 Net operating income 756,000 Interest and taxes: Interest expense $ 119,000 Tax expense 210,000 329,000 Net income $ 427,000

The company paid dividends of $319,000 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%.