Assets Joel de Paris, Incorporated Balance Sheet Beginning Balance $ 128,000 334,000 Ending Balance $ 132,000 486,000 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 573,000 825,000 408,000 251,000 $ 2,519,000 $ 374,000 968,000 1,177,000 $ 2,519,000 482,000 800,000 435,000 249,000 $ 2,584,000 $ 343,000 968,000 1,273,000 $ 2,584,000 Sales Joel de Paris, Incorporated Income Statement Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net income $ 115,000 198,000 $ 3,948,000 3,237,360 710,640 313,000 $ 397,640