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 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 Joel de Paris, Incorporated Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net income $ 113,000 198,000 $ 3,969,000 3,294,270 674,730 311,000 $363,730 Beginning Balance $ 139,000 333,000 561,000 837,000 393,000 255,000 $ 2,518,000 $ 379,000 1,006,000 1,133,000 $ 2,518,000 Ending Balance $ 130,000 477,000 490,000 813,000 425,000 248,000 $2,583,000 $ 335,000 1,006,000 1,242,000 $2,583,000 The company paid dividends of $254,730 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%.

Financlal data for Joel de Paris, Incorporated, for last year follow: The company paid dividends of \$254.730 last year. The "Investment in Buisson, S.A., on the balance sheet tepresents an investment in the stock of another company. The companys minimum required rate of return of 158