Given the above closing Balance Sheet for Year 0007 and the Pro Forma Balance Sheet for Year 0008 Prepare a budgeted pro forma of cash flows for Year 0008 As at December 31, 0007 Pro Forma as at December 31, 0008 Assets Current Assets $36,218 $13,683 $3,421 $41,903 $17,502 Cash Credit Card Receivables Accounts Receivable $5,834 $5,915 $2,211 $6,352 $2,195 Inventories Food Inventories, Beverages Total Inventories $8,126 $2,136 $8,547 $2,176 Prepaid Expenses Total Current Assets $63,584 $75,962 Property Plant & Equipment Equipment Less: Accumulated Depreciation Furnishings Less Accumulated Depreciation $171,524 -$13,752 $53,596 $171,524 -$27,504 $53,596 -$12,744 $157,772 $144,020 -$6,372 $47,224 $40,852 $204.996 $268,580 $184.872 $260,834 Net Property Plant & Equipment Total Assets Liabilities & Stockholders' Equity Current Liabilities Accounts payable Accrued payroll payable Current portion Bank Loan Payable Income taxes payable Total Current Liabilities $8,817 $2,917 $42,741 $13,090 $8,819 $2,215 $38,260 $9,686 $58,980 $67,565 Long Term Liabilities Bank Loan Payable $125.258 $82,517 Total Liabilities $184,238 $150,082 Stockholders' Equity $50,000 $34,342 Common Stock $30,000 Retained Earnings $34,342 $46,410 Net Income Retained Earnings Total Stockholders' Equity $80,752 $84,342 $268,580 $110,752 $260,834 Total Liabilities & Stockholders' Equity