Exquisite Jewelers is developing its annual financial statements for the current year. The following amounts were correct at December 31 , current year: cash, $58,000; accounts receivable, $71,000; merchandise inventory, $154,000; prepaid insurance, $1,500; investment in stock of Z Corporation (long-term), $36,000; store equipment, $67,000; used store equipment held for disposal, $9,000; accumulated depreciation, store equipment, $19,000; accounts payable, $52,500; long-term note payable, $42,000; income taxes payable, $9,000; retained earnings, $164,000; and common stock, 100,000 shares outstanding, par value $1.00 per share (originally sold and issued at $1.10 per share). Required: 1. Based on these data, prepare a December 31, current year, balance sheet