The following are the transactions of Sheldon, Inc., for the month of January. Borrowed $12000 from a local bank on a note due in six months. Received $12500 cash from investors and issued common stock to them. Purchased $11600 in equipment, paying $2420 cash and promising the rest on a note due in one year. Paid $670 cash for supplies. After recording these transactions, Sheldon's total assets will be $