Prepare Freenation! Corp's Balance Sheet on December 31st. given the following December 31st balances of the company: (Hints: This list is not complete as to all company accounts, but there are no missing balance sheet accounts, both sides of a balance sheet must balance, and income summary and dividends are already closed into ending retained earnings.)

Cash $5,000 Equipment $40,000

Rent Expense $12,000 Accumulated Depreciation - Equipment $10,000

Accounts Payable $4,000 Depreciation Expense - Equipment $5,000

Accounts Receivable $12,000 Notes Payable $14,000

Common Stock Jan. 1 $10,000 Common Stock Jan 31 $9,000

Retained Earnings, Jan. 1 $10,000 Retained Earnings, Jan. 31 $20,000