Selected financial statements for Ralston Company, a sole proprietorship, are as follows:
Balance Sheet as of December 31, 2016
Assets:
Cash.......................................................$ 30,000
Equipment..................................................36,000
Accumulated depreciation: equipment...............(11,250)
Leased property...........................................18,000
Total $........................................................................72,750
Liabilities and owner's equity:
Lease liability...........................................$ 18,000
Ralston, capital............................................54,750
Total......................................................$ 72,750
Statement of Cash Flows for the Year Ended December 31, 2017

Additional Information:
a. During 2017, equipment having accumulated depreciation of $4,500 was sold for a $3,000 gain.
b. A $3,750 lease payment was made in 2017, reducing the lease liability by $3,000.
c. 2017 depreciation expense: on leased property, $3,000; on equipment, $8,250.
d. Net income for 2017, $14,250.
Required:
Using the provided data, prepare Ralston's December 31, 2017, balance sheet.

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Cash flows from operating activities Collections from customers Payments for salaries Payments for other expenses $ 37,500 (8,250) (6.750) Net cash provided by operating activities 22,500 Cash flows from investing activities Sale of equipment Purchase of land Purchase of investments 5,250 (13,500) (22,500) Net cash used by investing activities (30,750) Cash flows from financing activities Payment on lease liability Issue of long-term notes Owner withdrawals (3,000) 15,000 (12,000) Net cash from financing activities Net decrease in cash S (8,250)