Financial data for Joel de Paris, Inc., for last year follow:

Joel de Paris, Inc. Balance Sheet
	Beginning Balance		Ending Balance
Assets
Cash	$	130,000	$	133,000
Accounts receivable		348,000		488,000
Inventory		560,000		485,000
Plant and equipment, net		822,000		794,000
Investment in Buisson, S.A.		396,000		427,000
Land (undeveloped)		250,000		254,000
Total assets	$	2,506,000	$	2,581,000
Liabilities and Stockholders' Equity
Accounts payable	$	386,000	$	345,000
Long-term debt		957,000		957,000
Stockholders' equity		1,163,000		1,279,000
Total liabilities and stockholders' equity	$	2,506,000	$	2,581,000

Joel de Paris, Inc. Income Statement
Sales		$	4,136,000
Operating expenses			3,391,520
Net operating income			744,480
Interest and taxes:
Interest expense	$ 120,000
Tax expense	195,000		315,000
Net income		$	429,480
The company paid dividends of $313,480 last year. The