QUESTION INFORMATION: Beal Company began operations in 2020. During 2020, Beal entered into the following transactions: On January 1, Beal received $62,000 cash from Wall Bank. Beal will not repay this loan for several years. On January 1, Beal purchased a building for $51,000 cash. The building has a 20 year useful life and a $11,000 salvage value. On March 1, Beal received $90,000 cash in advance of services being provided. The services will be performed equally over the next 12 months. On November 1, Beal purchased an insurance policy for $36,000 cash. The insurance policy covers the next 12 months. QUESTION TO ANSWER: After recording all transactions for 2020, including any necessary adjusting journal entries, Beal's total assets as of December 31, 2020 are $