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Maxwell Inc. had net cash provided by operating activities of $351,000, net cash used by investing activities of $420,000, and cash provided by financing activities of $250,000. Maxwell's cash balance was $27,000 on January 1 of the current year. During the year, there was a sale of land that resulted in a gain of $25,000, and proceeds of $40,000 were received from the sale. What was Maxwell's cash balance at the end of the year?

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