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- (50 pts) Is Nelson Jones' estimate that a $350,000 line of credit is sufficient for 2007 accurate? Exhibit 1 Operating Statements for Years Ending December 31, 2004-2006, Exhibit 2 Balance Sheet as of December 31, 20042006 and for the first quarter 2007 (thousands of dollars) and March 31, 2007 (thousands of dollars) Eutikite: Evkihit? 2007 Projected Income Statement - (50 pts) Is Nelson Jones' estimate that a $350,000 line of credit is sufficient for 2007 accurate? - To answer this question, consider two scenarios: take the trade discounts and don't take the discounts. For each scenario, separately evaluate whether Jones' estimate is accurate or not. For each scenario, the evaluation requires the projection of the company's balance sheet, income statement, and the statement of cash flows of 2007. - I have projected the company's financial statements of 2007, assuming that Jones will take the trade discounts. See more details in Section 3 . - You need to project the company's financial statements of 2007, assuming that Jones will not take the trade discounts