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 Joel de Paris, Incorporated Income Statement Sales operating expenses $ 5,018,000 4,315,480 702,520 $ 130,000 332,000 570,000 878,000 397,000 254,000 $ 2,561,000 $ 383,000 952,000 1,226,000 $ 2,561,000 Ending Balance $ 125,000 484,000 474,000 867,000 430,000 246,000 $ 2,626,000 $339,000 952,000 1,335,000 $ 2,626,000 Net operating income Interest and taxes: Interest expense Tax expense Net Incone $ 116,000 203.000 319,000 103.520