Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) $ 127,000 $ 128,000 349,000 490,000 566,000 483,000 878,000859,000 431,000 252,000255,000 390,000 Total assets $2,562,000 $2,646,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity $ 377,000 344,000 1,002,000 1,002,000 1,183,000 1,300,000 Total liabilities and stockholders' equity $2,562,000 $2,646,000 Joel de Paris, Inc. Income Statement Sales Operating expenses $5,044,000 4,388,280 655,720 Net operating income Interest and taxes $ 113,000 Interest expense Tax expense 197,000 310,000 Net income $ 345,720