Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $$55,125$ cash to start the business and

received $4,500$ shares. The store completed its first year of operations on December $31,2023.$ On that date, the following financial

items for the year were determined: cash on hand and in the bank, $$50,250$; amounts due from customers from sales of books,

$$30,150$; property and equipment, $$59,250$; amounts owed to publishers for books purchased, $$9,500$; one$-$year notes payable to a

local bank for $$5,100.$ No dividends were declared or paid to the shareholders during the year.

Required:

Complete the balance sheet at December $31,2023$: