Financial data for Redstone Company for last year appear below. Redstone Company Statements of Financial Position Beginning Ending Balance Balance Assets 273,000 336,920 Cash 200,000 Accounts receivable 191,000 313,000 251,000 Inventory 438,000 398,000 Plant and equipment (net) 277,000 Investment in Balsam Company 255.000 305,000 305,000 Land (undeveloped) Total assets $1,775,000 $1,767,920 Liabilities and owners' equity: Accounts payable 192,000 171,000 839,000 Long-term debt 839.000 744,000 757,920 Owners' equity Total liabilities and owners' equity $1,775,000 $1,767,920 Redstone Company Income statement 2,440,000 Sales 2,074,000 Less operating expenses 366,000 Net operating income Less interest and taxes: 102,000 Interest expense 139.080 241.080 Tax expense 124,920 Net income