Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Beginning Balance. Ending Balance $ 130,000 $136,000 344,000 477,000 574,000 474,000 852,000 853,000 392,000 427,000 253,000 250,000 $ 2,545,000 $ 2,617,000 $380,000 1,002,000 1,163,000 $343,000 1,002,000 1,272,000 $ 2,545,000 $ 2,617,000 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 Joel de Paris, Incorporated Income Statement Sales Operating expenses Net operating income Interest and taxes: 1 Interest expense $116,000 209,000 $ 4,416,000 3,797,760 618,240 Tax expense Net income 325,000 $293,240 The company paid dividends of $184,240 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%.