Current Asset Transactions Invincible Corporation was started January 1, and had the following transactions in January 2001:

1. A total of 7,000 shares of stock was issued for $9 per share.

2. Inventory costing $79,000 was purchased on account.

3. On January 31, $7,000 was paid for an insurance policy for the next 12 months.

4. Payments of $46,000 were made to vendors for past inventory purchases.

5. Inventory costing $60,000 was sold on account for

$106,000.

6. Payments of $29,000 were received from customers before the end of the month.

7. Land was purchased for $9,500. Its value at the end of January is $12,500.

Prepare the current assets section of the January 31, 2001, balance sheet for Invincible Corporation.