X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $116,817. The following transactions occurred during May: Issued additional shares of stock for $115,000. Acquired $8,000 of direct materials, 51% of of which was acquired on open accounts; the rest was paid in cash. A one year rental agreement was signed for $6,500 per month. Rent for the first three months was paid in advance. Product sales were $102,000; product costs were 76% of sales. 78% of the sales were on open account. Wages and salaries amounted to $10,979, of which $10,078 was paid. Paid $3,854 to suppliers for materials that X Company had previously purchased on account. Collected $3,903 from customers who had previously purchased products from X Company on account. Bought equipment for $80,100 with a down payment of $17,300 and a $62,800 loan from the bank. . 4. What would total assets be on May 31? [Ignore adjusting entries.]