Following is Drop Zone Corporation's balance sheet at the end of 2007 and its cash flow statement for 2008. Drop Zone manufactures equipment for sky divers.

Additional Information:

a. During 2008, 500 shares of common stock were sold to the public.

b. Land was sold during 2008 at an amount that equaled its original cost.
Required:
Use the preceding information to derive Drop Zone Corporation's balance sheet at the end of 2008.

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Balance Sheet December 31, 2007 Assets Current assets Cash Accounts receivable-net Inventory Prepaid assets $ 7,410 Total current assets Land Buildings and equipment Less: Accumulated depreciation, buildings and equipment Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued payables Total current liabilities 6,270 13,395 1,995 29,070 27,930 194,655 (40,185) $211,470 $ 11,400 3,135 14,535 Long-term debt Stockholders' equity Common stock, $10.00 par value Paid-in capital Retained earnings Less: Treasury stock 19,950 18,525 31,920 144,780 (18,240) Total liabilities and stockholders' equity $211,470