Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Beginning Balance $ 135,000 330,000 570,000 Ending Balance $ 131,000 472,000 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 795,000 394,000 254,000 $ 2,478,000 $ 384,000 984,000 1,110,000 $ 2,478,000 486,000 781,000 431,000 253,000 $ 2,554,000 $ 331,000 984,000 1,239,000 $2,554,000 Sales Operating expenses Net operating income Interest and taxes: Tax expense $ 122,000 200,000 Interest expense Net income $ 4,810,000 4,136,600 673,400 322,000 $ 351,400 The company paid dividends of $222,400 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%.