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

Joel de Paris, Incorporated

Balance Sheet

Beginning Balance Ending Balance

Assets

Cash $ $140,000$ $ $120,000$

Accounts receivable $450,000530,000$

Inventory $320,000380,000$

Plant and equipment, net $680,000620,000$

Investment in Buisson, S$.$A$.250,000280,000$

Land $($undeveloped$)180,000170,000$

Total assets $ $2,020,000$ $ $2,100,000$

Liabilities and Stockholders' Equity

Accounts payable $ $360,000$ $ $310,000$

Long$-$term debt $1,500,0001,500,000$

Stockholders' equity $160,000290,000$

Total liabilities and stockholders' equity $ $2,020,000$ $ $2,100,000$

Joel de Paris, Incorporated

Income Statement

Sales $ $4,050,000$

Operating expenses $3,645,000$

Net operating income $405,000$

Interest and taxes:

Interest expense $ $150,000$

Tax expense $110,000260,000$

Net income $ $145,000$

The company paid dividends of $$15,000$ last year. The $$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 is $15\%.$