Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $$67,375$ cash to start the business and received $5,500$ shares. The store completed its first year of operations on December $31,2020.$ On that date, the following financial items for the year were determined: cash on hand and in the bank, $$55,750$; amounts due from customers from sales of books, $$36,650$; property and equipment, $$81,750$; amounts owed to publishers for books purchased, $$12,500$; one$-$year note payable to a local bank for $$9,600.$ No dividends were declared or paid to the shareholders during the year.

Required:

Complete the balance sheet at December $31,2020$ total assestassets $$174,150$ and total liabilities are $22,100$