[The following information applies to the questions displayed below Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $70,200 cash to start the business and recelved 4,400 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, $69,550; December 31, current year, amounts due from customers from sales of books, $45,000; unused portion of store and office equipment, $77,000; December 31, current year, amounts owed to publishers for books purchased, $12,900: one-year note payable to a local bank for $3,400. No dividends were declared or paid to the stockholders during the year Required: . 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 Liabilities Cash 140,400 Accounts payable Accounts receivable 0 Note payable Store and office equipment 77,000 Interest payable 130 Total liabilities S 130 Stockholders'Equity 4.400 Common stock 34,720 Retained eamings 39,120 Total stockholders equity 39,250 217,400 Total liabilities and stockholders equity Total assets of 8 Next>