Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Beginning Balance $ 137,000 335,000 567,000 Ending Balance $ 131,000 481,000 481,000 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 821,000 410,000 247,000 $ 2,517,000 $ 390,000 1,005,000 1,122,000 807,000 426,000 251,000 $ 2,577,000 $ 344,000 1,005,000 1,228,000 $ 2,517,000 $ 2,577,000 Joel de Paris, Incorporated Income Statement Sales Operating expenses Interest and taxes: Net operating income Interest expense Tax expense Net income $ 111,000 197,000 $ 4,888,000 4,105,920 782,080 308,000 $ 474,080 The company paid dividends of $368,080 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%.