3. What was the companys residual income last year?

Joel de Paris, Incorporated Balance Sheet
	Beginning Balance	Ending Balance
Assets
Cash	$ 130,000	$ 127,000
Accounts receivable	335,000	486,000
Inventory	580,000	476,000
Plant and equipment, net	885,000	881,000
Investment in Buisson, S.A.	402,000	435,000
Land (undeveloped)	246,000	249,000
Total assets	$ 2,578,000	$ 2,654,000
Liabilities and Stockholders' Equity
Accounts payable	$ 389,000	$ 332,000
Long-term debt	1,045,000	1,045,000
Stockholders' equity	1,144,000	1,277,000
Total liabilities and stockholders' equity	$ 2,578,000	$ 2,654,000

Joel de Paris, Incorporated Income Statement
Sales		$ 4,875,000
Operating expenses		4,095,000
Net operating income		780,000
Interest and taxes:
Interest expense	$ 122,000
Tax expense	195,000	317,000
Net income		$ 463,000