Gibco Limited has an October 31 year end. On September 30, 2020 Gibco had the following current liabilities listed on its books:

Bank credit line........................................... $25,300

Accounts payable........................................ 110,500

CPP, EI and income tax payable.................. 19,620

Unearned revenues.................................... 22,000

During October 2020 Gibco engaged in the following transactions:

Oct 1 Paid $12,000 on the credit line with their bank

Oct 5 Sold goods for $40,000 on which they had previously received a $10,000 deposit. The balance is due in 30 days.

Oct 12 Bought $26,000 of inventory on credit, terms of 30 days.

Oct 15 Paid amounts due the Government of Canada for the payroll amounts outstanding from September 30.

Oct 20 Paid $97,000 owing to a supplier.

Oct 21 Received $5,000 from a client for work that will be performed in January 2021.

Oct 21 Sold $76,000 of goods half for cash, half on credit.

Oct 30 Paid the monthly payroll amounts to employees. The gross payroll was $17,200. Amounts withheld from the employees' cheques were as follows:

Canada pension plan premiums (CPP) $852

Employment insurance premiums (EI) $280

Income tax $3,800

At this time, the company also recorded their liability for amounts due to the government for CPP ($852) and EI ($392).

The balance of the credit line at yearend is: