Financial data for Joel de Paris, Incorporated, for last year follow:

Joel de Paris, Incorporated Balance Sheet
	Beginning Balance	Ending Balance
Assets
Cash	$ 132,000	$ 139,000
Accounts receivable	331,000	481,000
Inventory	564,000	475,000
Plant and equipment, net	833,000	805,000
Investment in Buisson, S.A.	405,000	432,000
Land (undeveloped)	250,000	246,000
Total assets	$ 2,515,000	$ 2,578,000
Liabilities and Stockholders' Equity
Accounts payable	$ 386,000	$ 343,000
Long-term debt	1,048,000	1,048,000
Stockholders' equity	1,081,000	1,187,000
Total liabilities and stockholders' equity	$ 2,515,000	$ 2,578,000

Joel de Paris, Incorporated Income Statement
Sales		$ 4,324,000
Operating expenses		3,588,920
Net operating income		735,080
Interest and taxes:
Interest expense	$ 124,000
Tax expense	206,000	330,000
Net income		$ 405,080

The company paid dividends of $299,080 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%.

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