On January 1, 2020, Platini held merchandise acquired from Squillaci for $10,000. During 2020, Squillaci sold merchandise to Platini for $100,000, of which $20,000 is held by Platini on December 31, 2020. Squillacis usual gross profit on affiliated sales is 40%. On December 31, 2020, Platini still owes Squillaci $20,000 for merchandise acquired in December.

Using the accounting equation Asset= labilities + equity calculate