At December 31, 2021, Patterson Products has cash of $20,000, receivables of $17,600, and inventory of $78,000. The company’s equipment totals $186,000. Patterson owes accounts payable of $22,000 and long-term notes payable of $173,000. Common stock is $28,500. Prepare Patterson’s balance sheet at December 31, 2021, complete with its proper heading. Use the accounting equation to compute retained earnings.