Joel de Paris, Inc. Balance Sheet Beginning Ending Balance Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) $ 128,000 $ 138,000 471,000 489,000 832,000 431,000 250,000 247,000 342,000 561,000 859,000 395,000 Total assets $2,535,000 $2,608,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity $ 377,000 $ 345,000 1,023,000 1,023,000 1,135,000 1,240,000 Total liabilities and stockholders' equity 2,535,000 $2,608,000 Joel de Paris, Inc. Income Statement Sales Operating expenses $ 4,011,000 3,489,570 521,430 Net operating income Interest and taxes $115,000 Interest expense Tax expense 194,000 309,000 Net income $ 212,430 The company paid dividends of $107,430 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company