The following balance sheet is for X Company:

||Assets: ||Amount||Equity||Amount

|Cash|51,415|Accounts payable|202,697

|Accounts receivable|10,122|Wages payable|1,429

|Inventory|153,236|Notes payable|33,002

|Prepaid rent|5,335|Paid-in capital|232,356

Equipment|313,746|Retained earnings|64,370

|Total assets|533,854|Total equities|533,854

The following summary transactions occurred during 2015:

1. Borrowed $4,152 from the bank.
2. Paid $86,593 to suppliers for merchandise purchased on account.
3. Paid for $59,550 of advertising.
4. Purchased $240,027 of merchandise on the account and $181,073 for cash.
5. Sold merchandise for $544,464 on account and $171,936 for cash; the merchandise cost $422,676.
6. Signed a five-year rental lease for $8,000; paid for one year in advance.
7. Paid $5,098 for land and equipment.
8. Received $239,664 from customers for merchandise sold on account.
9. Received $8,526 in cash contributions from new owners.

Required:

1. What was the cash balance on December 31, 2015?
2. What were the total assets on December 31, 2015?
3. What were the total liabilities on December 31, 2015?
4. What was net income in 2015?

Please do not copy from Chegg. Only attempt if you are sure about the answer. Solve in a step by step manner, explaining each step.