During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $48,000 cash. 2. Purchased $12,000 of equipment, paying $2,400 cash and signing a promissory note for $9,600. 3. Received $21,600 in cash for consulting services performed in January. 4. Purchased $3,600 of supplies on account; all of the supplies were used in January. 5. Provided consulting services on account in the amount of $38,400. 6. Paid $1,800 on account. 7. Paid $7,200 to employees for work performed during January. 8. Received a bill for utilities for January of $8,150; the bill remains unpaid. What is the amount to be reported as total liabilities on the balance sheet at the end of January?