. . X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $116,864. The following transactions occurred during May: Issued additional shares of stock for $108,000. Acquired $8,200 of direct materials, 56% of of which was acquired on open accounts; the rest was paid in cash. A one year rental agreement was signed for $5,400 per month. Rent for the first two months was paid in advance. Product sales were $111,000; product costs were 79% of sales. 67% of the sales were on open account. Wages and salaries amounted to $11,186, of which $10,304 was paid. Paid $3,550 to suppliers for materials that X Company had previously purchased on account. Collected $3,983 from customers who had previously purchased products from X Company on account. Bought equipment for $86,200 with a down payment of $17,700 and a $68,500 loan from the bank. . . 4. What would total assets be on May 31? [Ignore adjusting entries.]