The operating activities section of Company's 2012 statement of cash flows appears below: Cash collected from customers ....... $362,400 Cash paid for inventory ............. Cash

The operating activities section of Company's 2012 statement of cash flows appears below: Cash collected from customers ....... $362,400 Cash paid for inventory ............. <$211,700> Cash paid for salaries .............. <$53,900> Company's 2012 income statement reported a gross profit of $138,100. Company reported the following account balances during 2012: Jan. 1, 2012 Dec. 31, 2012 Accounts receivable $67,200 $26,600 Salaries payable $47,600 $39,800 Inventory $14,200 $51,500 Accounts payable X $77,400 Calculate the accounts payable balance at January 1, 2012.