Ken Young and Kim Sherwood organized Reader Direct as a corporation: each contributed $66,150 cash to start the business and received 5,400 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, $55,200, amounts due from customers from sales of books, $36,000, property and equipment, $79,500; amounts owed to publishers for books purchased, $12.200, one year note payable to a local bank for $9,150 No dividends were declared or paid to the shareholders during the year Required: 1. Complete the balance sheet at December 31, 2020: READER DIRECT Balance Sheet At December 31, 2020 Liabilities $ Assets 12200 9.150 $ 55 200 36.000 79 500 Accounts payable Note payable Cash Accounts receivable Property and equipment