Financial data for Redstone Company for last year appear below Redstone Company Statements of Financial Position Beginning Ending Balance Balance Assets: Cash Accounts receivable Inventory Plant and equipment (net) Investment in Balsam Company Land (undeveloped) $ 295,000 S 336,524 180,000 222,000 441,000 322,000 273,000 178,000 275,000 480,000 306,000 273,000 Total assets $1.807,000 $1,774,524 Liabilities and owners' equity: Accounts payable Long-term debt Owners' equity s 224,000S 197,000 824,000 753,524 824.000 759,000 Total liabilities and owners' equity $1,.807,000 $1.774,524 Redstone Company Income statement Sales Less operating expenses $ 2.480,000 2,033,600 446,400 Net operating income Less interest and taxes: $99,100 Interest expense Tax expense 151,776250,876 Net income $195,524