7. A firm began the year with net assets (total assets less total liabilities) of $356,788 according to its financial records. During the year, it paid dividends to owners of $23,500. A fire during the year then destroyed all of its accounting records. Based on a year-end recount of both assets and liabilities, the net worth of the firm is now estimated to be $104K (rounded to the nearest '000). The insurance firm has agreed to pay $300,000 in claims as the replacement value of destroyed assets. What did the firm appear to earn during the year: -$55K $23K $71K -$23 8. A firm keeps separate bank accounts for each of its 3 main activities: every-day buying & selling transactions, investing in output capacity and its financing transactions. It had consolidated opening cash balances of $34,578 for all 3 accounts at the beginning of the year. During the year, it generated a $21,089 net surplus in its "operations" deposit account. It also bought fixed assets worth $14,788 and sold assets for scrap worth $1,233. It paid $5,600 in dividends and repaid $8,878 in debt. Its closing consolidated cash balance will be