Complete the following balance sheet for Manhattan Family Dentistry on January 4th of the current year

Assets

Cash 20,000

A/R 31,000

Land 190,000

Building 225,000

Equipment 35,000

Total assets 501,000

Liabilities & Stockholders Equity

Liabilities 45,000

Total liabilities 45,000

Owners equity

Capital Stock 456,000

Total Liabilities and owners equity 501,000

During the first few day of January, the following transactions occurred

Jan 2 equipment purchased for 38,000 on credit

Jan 2 business collected 16,000 of its A/R

Jan 3 the business borrowed 60,000 from the bank, giving a note payable due in 90 days

Jan 3 additional capital stock was issued in exchange for 27,000 cash