Financial data for Redstone Company for last year appear below: Redstone Company Statements of Financial Position eginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment (net) Investment in Balsam Company Land (undeveloped) S 335,000 210,000 296,000 508,000 229,000 182,000 471,760 176,000 264,000 460,000 295,000 182,000 Total assets $1,760,000 $1,848,760 Liabilities and owners' equity: Accounts payable Long-term debt Owners' equity $ 190,000 235,000 833,000 780,760 833,000 737,000 Total liabilities and owners' equity $1,760,000 $1,848,760 Redstone Company Income statement Sales Less operating expenses $2,050,000 1,517,000 533,000 Net operating income Less interest and taxes Interest expense Tax expense S 96,700 202,540 299,240 Net income $ 233,760