PLEASE HELP

FALL-MART operates under ideal conditions of uncertainty. The company has no debt and its cash flows depend on the state of the economy. On January 1st of this year the company bought its first asset that will last for 2 years. Its expected that it salvage will be zero after this time period. The cash flows will be $1,200 if the economy is in a good state and $700 if the economy is in a bad state for each of the two years the asset is in use. The probability of the economy being in a good state is 75%. The company will pay a dividend of $50 in either year only if the cash flows realized are above $1,000. The economy-wide interest rate is 6%. The economy experienced a bad year. Prepare an income statement and balance sheet for FALL-MART at the end of the first year.