Questions 4 and 5 refer to the following information The following balance sheet is for X Company: Assets Balance Sheet January 1, 2021 Equities Accounts Payable $213,423 1,363 30,533 243,258 Cash $88,664 Accounts Receivable 13,165 Wages Payable Inventory 152,139 Notes Payable Prepaid Rent 5,455 Paid-In Capital Equipment Total Assets 301,603 $561,026 Retained Earnings Total Equities The following summary transactions occurred during 2021: borrowed $4,936 from the bank purchased $300,059 of merchandise on account and $191,841 for cash sold merchandise for $439,084 on account and $269,116 for cash; the merchandise cost $389,510 paid $5,706 for land and equipment received $8,527 in cash contributions from new owners Note: For the questions below, ignore adjusting entries on December 31, 2021. 4. What was the cash balance on December 31, 2021? 72,449 $561,026