Financial data for Redstone Company for last year appear below: Redstone Company Statements of Financial Position Beginning Ending Balance Balance Assets Cash 341,000 336,590 Accounts receivable 188,000 192,000 Inventory 260,000 251,000 Plant and equipment (net) 448,000 385,000 315,000 257,000 301,000 301,000 Investment in Balsam Company Land (undeveloped) Total assets $1,853,000 $1,722,590 Liabilities and owners' equity Accounts payable 203 000 206.000 Long-term debt 892.000 892.000 Owners' equity 758,000 624,590 Total liabilities and owners' equity $1,853 000 $1,722,590 Redstone Company Income statement Sales 2.350,000 Less operating expenses 2,103,250 Net operating income 246 750 Less interest and taxes Interest expense s 99,200 Tax expense 178 160 Net income