Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Beginning Ending Balance Balance Assets Cash Accounts receivable $ 130,000S 135,000 340,000 483,000 577,000 476,000 836,000 404,000 431,000 246,000 247,000 Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) 843,000 Total assets $2,540,000 $2,608,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity $ 384,000 S 335,000 1,032,000 1,032,000 1,124,000 1,241,000 Total liabilities and stockholders' equity 2,540,000 $2,608,000 Joel de Paris, Inc. Income Statement Sales Operating expenses 4,393,000 3,646,190 746,810 Net operating income Interest and taxes S 124,000 Interest expense Tax expense 196,000 320,000 Net income $ 426,810 The company paid dividends of $309,810 last year. The "Investment in Buisson, S.A., on the balance sheet represents an investment in the stock of another company