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) Total assets 132,000 480,000 479,000 869,000 429,000 254,000 $2,568,000 $ 2,643,000 128,000 $ 342,000 563,000 887,000 398,000 250,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity 375,000 $ 999,000 331,000 999,000 1,313,000 $2,568,000 $2,643,000 1,194,000 Joel de Paris, Inc. Income Statement Sales Operating expenses Net operating income Interest and taxes $ 5,238,000 4,347,540 890,460 Interest expense Tax expense 120,000 197,000 317,000 $573,460 Net income