Beginning Ending Assets s 134,000 s 138,000 Accounts receivable Inventory 332,000 476,000 Plant and equipment, net Investment Buisson, SA 562,000 489,000 902,000 867,000 403,000 428,000 Land (undeveloped) 253,000 254,000 Total assets $2,586,000 $2,652,000 Liabilities and Stockholders' Equity Accounts payable 387,000 340,000 Long-term debt Stockholders' equity 960,000 960,000 1,239,000 1,352,000 Total liabilities and stockholders' equity S2,586,000 $2,652,000 Joel de Paris, Inc. Income Statement 4,485,000 Operating expenses 3,946,800 Net operating income 538,200 Interest and taxes Interest expense 116,000 Tax expense 206,000 322,000 Net income 216,200