The following beginning balance sheet and statement of cash flows for 2007 are available for Fazzi Company:

Required
On the basis of this information, prepare a balance sheet for the Fazzi Company as of December 31,2007.

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January 1, 2007 Accounts payable 1,600 3,900 900 Additional paid-in capital Retained eamings $20,000 1,800 7,200 19,000 Total Liabilities and Stockholders Equity 19,000 (9,100) 10,900 Total Assets Statement of Cash Flows For Year Ended December 31, 2007 Net Cash Flow From Operating Activities 53,900 Adjustments for differences between income flows and cash flows from operating activities: (700) (200) $4,000 Net cash provided by operating activities Cash Flows From Investing Activities Payment for purchase of equipment Proceeds from sale of land Net cash used for investing activities $(5,000) 1,200 (3,800) Cash Flows From Financing Activities Proceeds from issuance of common stock (200 shares) 2,600 (900) 1.300) terim note Net cash provided by financing activities s 600 Cash, anuary 1, 2007 Cash, December 31, 2007 $1,500