Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Beginning Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity $ 135,000 349,000 578,000 808,000 403,000 254,000 $ 2,527,000 $ 386,000 975,000 1,166,000 $ 2,527,000 Ending Balance $ 139,000 475,000 474,000 822,000 432,000 248,000 $ 2,590,000 $ 346,000 975,000 1,269,000 $ 2,590,000 Joel de Paris, Incorporated Income Statement Sales Operating expenses Net operating income Interest and taxes: $ 122,000 Tax expense 190,000 Interest expense Net income $ 4,158,000 3,451,140 706,860 312,000 $ 394,860 The company paid dividends of $291,860 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment