Beginning Balance $ Financial data for Joel de Paris Inc. for last year follow: JOEL DE PARIS INC. Balance Sheet Ending Balance Assets Cash $ 120,000 Accounts receivable 530,000 Inventory 380,000 Plant and equipment, net 620,000 Investment in Buisson, S.A. 280,000 Land (undeveloped) 170,000 Total assets $ 2,100,000 Liabilities and Shareholders' Equity Accounts payable 310,000 Long-term debt 1,500,000 Shareholders' equity 290,000 Total liabilities and shareholders' equity $ 2,100,000 140,000 450,000 320,000 680,000 250,000 180,000 2,020,000 $ $ 360,000 1,500,000 160,000 2,020,000 $ JOEL DE PARIS INC. Income Statement Sales Less: Operating expenses Net operating income Less: Interest and taxes: Interest expense $ 150,000 Tax expense 110,000 Net income $ 4,050,000 3,645,000 405,000 260,000 145,000 $