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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,
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 Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net income $ 123,000 209,000 $ 4,650,000 3,999,000 651,000 332,000 $ 319,000 Beginning Balance $ 134,000 336,000 578,000 792,000 407,000 254,000 $ 2,501,000 $ 384,000 1,006,000 1,111,000 $ 2,501,000 Ending Balance $ 135,000 473,000 484,000 788,000 427,000 251,000 $ 2,558,000 $ 342,000 1,006,000 1,210,000 $ 2,558,000 The company paid dividends of $220,000 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%. Required:
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