Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Beginning Balance $ 140,000 450,000 Ending Balance $ 120,000 530,000 380,000 620,000 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 320,000 680,000 250,000 180,000 $ 2,020,000 $ 360,000 1,500,000 160,000 $ 2,020,000 280,000 170,000 $ 2,100,000 $ 310,000 1,500,000 290,000 $ 2,100,000 Joel de Paris, Incorporated Income Statement Sales Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net income $ 150,000 110,000 $ 4,050,000 3,645,000 405,000 260,000 $ 145,000