2 Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Ending Beginning Balance Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A Land (undeveloped) $ 125,000 $ 133,000 478,000 573,000 478,000 811,000 405,000 430,000 250,000 349,000 813,000 251,000 Total assets $2,516,000 $2,580,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity $ 388,000 $ 340,000 953,000953,000 1,175,000 1,287,000 Total liabilities and stockholders' equity $2,516,000 $2,580,000 Joel de Paris, Inc. Income Statement Sales Operating expenses $ 4,700,000 4,089,000 611,000 Net operating income Interest and taxes Interest expense Tax expense 115,000 193,000 308,000 Net income $ 303,000