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) $ 138,000 $ 125,000 476,000 476,000 823,000 429,000 249,000 252,000 331,000 565,000 826,000 408,000 Total assets $2,517,000 $2,581,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity $ 385,000 333,000 978,000 1,154,000 1,270,000 978,000 Total liabilities and stockholders' equity $2,517,000 $2,581,000 Joel de Paris, Inc Income Statement Sales Operating expenses $4,324,000 3,675,400 648,600 Net operating income Interest and taxes Interest expense lax expense 126,000 198,000 34000 Net income $324,600