(LOB) E5-14 (Preparation of a Statement of Cash Flows) The comparative balance sheets of Constantine Cavamanlis Inc at the beginning and the end of the year 2007 appear on the next page . Exercises 237 CONSTANTINE CAVAMANLIS INC. BALANCE SHEETS Assets Dec 31, 2007 Jan. 1, 2007 Cash $ 45,000 Accounts receivable $ 13,000 91,000 88,000 Equipment 39,000 Less: Accumulated depreciation 22,000 (17.000) (11,000 Total $158,000 $112.000 Liabilities and Stockholders' Equity Accounts payable $ 20,000 $ 15,000 Common stock 100,000 Retained earnings 38,000 17,000 Total $158,000 $112,000 Inc./Dec. $32.000 inc 3.000 Inc. 17,000 Inc 6,000 Inc. 80,000 5,000 Inc. 20,000 Inc 21,000 Inc Net income of $44,000 was reported and dividends of $23,000 were paid in 2007. New equipment was purchased and none was sold. Instructions Prepare a statement of cash flows for the year 2007