15 Financial data for Windsor, Inc. for last year appear below: Windsor, Inc. Statements of Financial Position Beginning Ending Balance Balance Assets Cash Accounts receivable Inventory Plant and equipment (net) Investment in Pine Company Land (undeveloped) S 256,000 231,240 192,000 240,000 445,000 286,000 280,000 144,000 310,000 492,000 301,000 280,000 Total assets $1,783,000 $1,674,240 Liabilities and owners' equity: Accounts payable Long-term debt Owners' equity S 214,000 238,000 810,000 626,240 810,000 759,000 Total liabilities and owners' equity $1,783,000 $1,674,240 Windsor, Inc. Income statement Sales Less operating expenses $ 2,060,000 1,854,000 Net operating income Less interest and taxes: Interest expense Tax expense 206,000 $ 96,900 63,860 160,760 Net income S 45,240