Use the following information to answer the question: end of year 2007 $10,000 15,000 35,000 55,000 15,000 40,000 25,000 5,000 20,000 50,000 Cash Accounts Receivable Inventory Fixed Assets, gross Accumulated Depreciation Fixed Assets, net Accounts Payable Notes Payable Long-Term Deb Common Equity The firm currently uses straight line depreciation. No fixed assets are expected to be purchased or sold. Current assets and accounts payable vary directly with sales. Notes payable will be paid off in the year 2008. Depreciation in 2007 was $2,000. Sales are expected to grow by 50% in 2008. All net income is paid out in dividends and no new stock or bonds will be issued or retired. Calculate total liabilities for the end of the year 2008