Financial data for Windsor, Inc. for last year appear below: Windsor, Inc. Statements of Financial Position Beginning Ending Balance Balance Assets Cash Accounts receivable S 303,000 S 337,392 217,000 238,000 407,000 308.000 280,000 169,000 242,000 481,000 256,000 280,000 Plant and equipment (net) Investment in Pine Company Land (undeveloped) Total assets $1,731,000 1,787,392 Liabilities and owners' equity Accounts payable Long-term debt Owners' equity S 171,000 S188,000 810,000 789,392 810,000 750,000 Total liabilities and owners' equity $1,731,000 $1,787,392 Windsor, Inc. Income statement Sales Less operating expenses S 2,220,000 1,687,200 Net operating income Less interest and taxes: Interest expense Tax expense 532,800 $103,600 191,808 295,408 Net income S 237,392 The company paid dividends of $198,000 last year. The "Investment in Pine Company" on the statement of