Financial data for Windsor, Inc. for last year appear below Windsor, Inc Statements of Financial Position Beginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment (net) Investment in Pine Company Land (undeveloped) $ 263,000 31,164 215,000 266,000 473,000 293,000 497,000 126.000 255,000 466,000 221,000 497,000 Total assets $1,828,000 $1,775,164 Liabilities and owners' equity Accounts payable Long-term debt Owners' equity $ 164,000 884,000 780,000 228,000 884,000 663,164 Total liabilities and owners' equity $1,828,000 $1,775,164 Windsor, Inc Income statement Sales Less operating expenses $ 2,040,000 1,795,200 Net operating income 244,800 Less interest and taxes Interest expense Tax expense $100,300 78,336 178,636 Net income $ 66,164