Jordan Manufacturing Company was started on January 1, Year 1, when it acquired $81,000 cash by issuing common stock. Jordan immediately purchased office furniture and manufacturing equipment costing $7,700 and $27,600, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,600 salvage value and an expected useful life of three years. The company paid $11,800 for salaries of administrative personnel and $15,500 for wages to production personnel. Finally, the company paid $11,360 for raw materials that were used to make inventory. All inventory was started and completed during the year. Jordan completed production on 4,200 units of product and sold 3,250 units at a price of $15 each in Year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)

what is the Retained Earing?

What is the Total Assets?