The following information was taken from the bank reconciliation for Mooner Sooner Inc. at the end of the year:

Bank balance: $8,200

Checks outstanding: $7,700

Note collected by the bank: $1,700

Service fee: $28

Deposits outstanding: $4,500

NSF check (bad check) returned for $320

What is the correct cash balance that should be reported in Mooner Sooner’s balance sheet at the end of the year?