Financial data for Windsor, Inc. for last year appear below Windsor, Inc Statements of Financial Position Beginning Ending Assets Cash Accounts receivable Inventory Plant and equipment (net) Investment in Pine Company Land (undeveloped) $ 335,000 471,760 176,000 264,000 460,000 295,000 182,000 210,000 296,000 508,000 229,000 182,000 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 737000 Total liabilities and owners' equity $1,760,000 $1,848,760 Windsor, Inc Income statement Sales Less operating expenses $ 2,050,000 1,517,000 Net operating income Less interest and taxes Interest expense Tax expense 533,000 $ 96,700 202,540 299 240 Net income S 233,760