The following alphabetical listing shows the assets, liabilities, and shareholders' equity for Zap Ltd. as of December 31, 2017. Prepare a balance sheet dated December 31, 2017. Opening Retained Earnings is $nil (aka $0).

**Note balances are not all debits.

Accounts payable $12,200 Inventory $23,500

Accounts receivable 21,000 Note payable 11,000

Cash 21,600 Common shares 50,600

Salary payable 2,300 Equipment 30,000

Accumulated Depreciation 5,400