Financial data for Windsor, Inc. for last year appear below: Windsor Inc. Statements of Financial Position Beginning Ending Balance Balance Assets 295,000 336,524 Cash 178,000 180,000 Accounts receivable 275,000 222,000 Inventory 441,000 480,000 Plant and equipment (net) 306,000 322,000 Investment in Pine Company 273,000 273,000 Land (undeveloped) $1,807,000 $1,774,524 Total assets Liabilities and owners' equity: 224,000 197,000 Accounts payable 824,000 824,000 Long-term debt Owners' equity 759,000 753,524 $1,807,000 $1,774,524 Total liabilities and owners' equity Windsor, Inc Income statement 2,480,000 Sales 2,033,600 Less operating expenses Net operating income 446,400 Less interest and taxes: 99,100 Interest expense 151,776 Tax expense 250,876 195,524 Net income