Required information The following information applies to the questions displayed below.) Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation, each contributed $70,800 cash to start the business and received 5,100 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank. $68,450; December 31, current year, amounts due from customers from sales of books, $41,500; unused portion of store and office equipment, $78,500: December 31, current year amounts owed to publishers for books purchased, $13,400; one year note payable to a local bank for $3,900. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of current year. Some information has been given below, COLE VALLEY BOOK STORE Balance Sheet Assets $ $ Cash Accounts receivable Store and office equipment 13,400 3.900 150 17.450 $ Liabilities 68,450 Accounts payable 41,500 Note payable 78,500 Interest payable Total abilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity 188,450 Total liabilities and stockholders' equity s S 29.400 29.400 46.850 Total assets S