Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Assets Cash Accounts receivable Inventory Plant and equipment, net Balance Sheet Beginning Balance $137,000 340,000 566,000 847,000 403,000 254,000 Ending Balance $ 138,000 488,000 490,000 814,000 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 Sales Joel de Paris, Incorporated Operating expenses Income Statement Net operating income $ 2,547,000 $ 378,000 1,002,000 1,167,000 426,000 251,000 $ 2,607,000 $ 342,000 1,002,000 1,263,000 $ 2,547,000 $ 2,607,000 $ 4,966,000 4,270,760 695,240 Interest and taxes: Interest expense Tax expense Net income $113,000 197,000 310,000 $385,240 The company paid dividends of $289,240 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%