On 1st January 2020 Tom Shanks started trading as Shanks Real Estate, and completed the following transactions regarding the business in the first month:

1. Jan 1: Tom Shanks transferred cash from his personal bank account to the business bank account in order to start operations, $25,000.
2. Jan 4: The business paid a years rent in advance for office space, $11,880
3. Jan 5: The business purchased a motor vehicle, $22,000. A deposit of $6,000 was paid with the remainder financed by a bank loan.
4. Jan 14: Earned first sales commission and received cash, $16,500
5. Jan 18: Paid motor vehicle expenses, $55
6. Jan 20: Tom Shanks used $60 from the business account to buy flowers for his wife Rita
7. Jan 25: Earned sales commission and sent the client an invoice which will be paid in February, $27,500

Without making any adjustments, prepare a Balance Sheet for Shanks Real Estate as at 31st January 2020 (use the format of Exhibit 4.22 p.168).