Joel de Paris, Ind. Balance Sheet Beginning Ending Balance Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A Land (undeveloped) $ 137,000 $ 125,000 475,000 481,000 859,000 426,000 247,000 336,000 571,000 856,000 391,000 245,000 Total assets $2,536,000 $2,613,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity $ 387,000 $ 332,000 973,000 1,176,000 1,308,000 973,000 Total liabilities and stockholders' equity $2,536,000 $2,613,000 Joel de Paris, Inc. Income Statement Sales Operating expense:s $ 4,608,000 4,008,960 Net operating income Interest and taxes: 599,040 $122,000 Interest expense Tax expense 209,000331,000 Net income $ 268,040