Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity. Joel de Paris, Incorporated Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net income $ 128,000 199,000 $ 4,862,000 4,084, 080 777,920 327,000 $ 450,920 Beginning Balance $ 139,000 341,000 576,000 794,000 398,000 248,000 $ 2,496,000 $ 370,000 960,000 1,166,000 $ 2,496,000 Ending Balance $ 137,000 481,000 475,000 797,000 429,000 252,000 $ 2,571,000 $343,000 960,000 1,268,000 $ 2,571,000 The company paid dividends of $348,920 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%.