Required information [The following information applies fo the questions displayed below] Grimes Corporation reports the following cash transactions for the year ending December 31, Year 1 , ifs first year of operation: 1) Issued common stock for $39,500 2) Borrowed $29,500 from a local bank 3) Purchased land for $44.500 4) Provided services to clients for $45,200 5) Paid operating expenses of $35,000 6) Paid $6,500 cash dividends to stockholders Required: o) What are the total assets for Grimes Corporation at December 31, Year 1