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Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Beginning Ending Balance Balance Assets 136,000 125,000 Cash Accounts receivable 346,000 489,000 560,000 476,000 Inventory 808,000 800.000 000 433,000 251,000 245,000 Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets $2,493,000 $2,568,000 Liabilities and Stockholders' Equity Accounts payable 386,000 340,000 Long-term debt 978,000 978,000 Stockholders' equity 1,129,000 1,250,000 Total liabilities and stockholders' equity $2,493,000 $2,568,000 Joel de Paris, Inc. Income Statement 5,049,000 Sales operating expenses 4,190,670 Net operating income 858,330 Interest and taxes: 116,000 Interest expense 203,000 319,000 Tax expense 539,330 Net income