Rhule Partners started a new business on August 1, 2021. That same day, Rhule Partners also received $150,000 of cash from issuing common stock and borrowed $100,000 from a friend. On August 1, 2021 the company also purchased equipment for $100,800. The equipment has a useful life of 72 months. On August 1, 2021, Rhule Partners also paid $64,800 of cash to rent office space for a 24 month period. During 2021, Rhule Partners provided services valued at $12,500 and had collected $5,000 of that amount at year-end. The company will collect the remaining portion in the following year. The company's payroll for 2021 was $4,600, which was paid in full during 2021. Use the above information to determine the company's total assets as of December 31, 2021.