The XYZ Company started its operations in $2022.$ On December $312022,$ it had the following adjusted trial balance: AccountBalance $($$$)$Notes Payable$20,000$Wages Payable$8,000$Additional Paid In Capital$300,000$Common Stock at par value$60,000$Accounts Payable$60,000$PP&E $($at cost$)110,000$Inventory$62,000$Cash$419,000$Unearned Revenues$10,000$Accumulated Depreciation$10,000$Accounts Receivable?Retained Earnings$230,000$ During $2023$ the following transactions occurred:A dividend of $$20,000$ was declared during $2023.$ These dividends will be paid in $2024.$During the year the company performed and delivered services and billed its clients for $$900,000.$ Collections from customers were $$800,000.$In addition to the transactions described in items $2$ above, products were shipped to the customers who paid $$10,000$ in advance $($see December $31,2022$ balances$).$ The selling price was $$80,000$ and the customer paid the balance in $2023.$The company purchased $$350,000$ worth of inventory, on account. Payments on accounts payable were $$200,000.$Miscellaneous expenses in the amount of $$24,000$ were paid in cashBased on a physical count, inventory balance as of December $31,2023$ was $$71,000.$The employees earned $$200,000$ as wages. Cash wage payments to employees were $$190,000.$Additional PP&E worth $$30,000$ was purchased in cash. Depreciation for the year equals $$10,000\mathrm{.}10,000$ shares at par value of $$1$ were issued and sold for $$20$ per share.The note worth of $$20,000$ was paid with an additional Interest expense of $$200.$The company incurred $$24,000$ in rent expenses and paid $$22,000$ of it$.$The company calculated its tax obligations for $2023.$ Tax in the amount of $$40,000$ is due for the entire year of which $$30,000$ was paid in $2023.$ Prepare the Balance Sheet as of December $31,2023$