Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated 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 Stockholders' equity Total liabilities and stockholders' equity $ 126,000 341,000 $ 132,000 475,000 475,000 568,000 815,000 398,000 252,000 808,000 429,000 245,000 $ 2,500,000 $ 2,564,000 $ 373,000 1,041,000 1,086,000 $ 2,500,000 $ 337,000 1,041,000 1,186,000 $2,564,000 Joel de Paris, Incorporated Income Statement Sales Operating expenses Interest and taxes: Net operating income Interest expense Tax expense Net income $ 117,000 193,000 $ 4,114,000 3,538,040 575,960 310,000 $265,960 The company paid dividends of $165,960 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%.