Gibb Company prepared the following balance sheet at the beginning of 2007:

Additional information related to the statement of cash flows:
1. The long-term bonds have a face value of $6,000 and were issued on December 31, 2007.
2. The building was purchased on December 30, 2007.
3. The land was sold at its original cost.
4. The common stock which was sold totaled 300 shares and had a par value of $10 per share.

Required
Prepare a classified balance sheet for the Gibb Company as of December 31, 2007.

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GIBB COMPANY Balance Sheet January 1, 2007 Assets Liabilities and Stockholders' Equit Cash Accounts receivable (net) Inventory Land Buildings and equipment Less: Accumulated depreciation Total Assets S 4,000 1,100 S 5,100 13,500 11,200 44,400 $74,200 Total Liabilities and Stockholders' Equity $74,200 1,000 Accounts payable ,900 alaries payable 4,700 Total Liabilities 9,800 68,900 Common stock, $10 par Additional paid-in capital 14,100 Retained earnings GIBB COMPANY Statement of Cash Flows For Year Ended December 31, 2007 Net Cash Flow From Operating Net Income Adjustments for differences between income Activities 5,400 flows and cash flows from operating activities: Add: Depreciation expense 1,900 500 400 (1,100) 1,000 Decrease in inventory Increase in salaries payable Less: Increase in accounts receivable (net) Net cash provided by operating activities Cash Flows From Investing Activities Decrease in accounts payable 6,100 (13,900) 3,000 Payment for purchase of building Receipt from sale of land Net cash used for investing activities (10,900) Cash Flouws From Financing Activities Payment of dividends Receipt from issuance of bonds Receipt from issuance of common stock Net cash provided by financing activities Net Increase in Cash Cash, January 1, 2007 Cash, December 31, 2007 (3,100) 5,700 4,500 7.100 2,300 1,000 3,300