Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Beginning Balance Assets Cash Accounts receivable Inventory $ 134,000 347,000 569,000 Ending Balance $ 140,000 472,000 475,000 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 850,000 394,000 247,000 $ 2,541,000 $ 373,000 957,000 1,211,000 $ 2,541,000 853,000 428,000 248,000 $ 2,616,000 $ 349,000 957,000 1,310,000 $ 2,616,000 Joel de Paris, Incorporated Income Statement Sales $ 4,032,000 Operating expenses Net operating income 3,386,880 645,120 Interest and taxes: Interest expense Tax expense $ 116,000 194,000 310,000 Net income $ 335,120 The company paid dividends of $236,120 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%.