Chapter 3 Open-Ended Assignment Note: Please put your answers only in the section below the Bold Red sentence at the end of the Required section below. Secular City sells nick-nacks and gifts. The owners of Secular City would like to know what assets, liabilities, and stockholders' equity they have on December 31, 20X1. The balances of all of their accounts on December 31, 20X1, in a jumbled order, are as follows: Retained Earnings 105,000 Furniture and Equipment 12,000 Salaries Payable 600 Accounts Payable 40,000 Salaries Expense 52,000 Inventory 26,000 Capital Stock 15,000 Revenue 160,000 Notes Payable 25,000 Accounts Receivable 17,000 8,600 Cash Building 230,000 Note: The balance in the retained earnings account is the actual balance in the account prior to preparation of the financial statements, which is of course the ending balance from the previous year. Also, please note that the account balances listed above contain all of the accounts, not just the balance sheet accounts, of the company. Required: Given the account balances, prepare a balance sheet for Secular City as of December 31, 20X1. Your answers to this open-ended assignment should be placed in the space below this line.