X Company, a manufacturer, prepares monthly financial statements. On May 1, total assets were $119,032. The following transactions occurred during May:

• Issued additional shares of stock for $119,000.
• Acquired $8,000 of direct materials, $3,520 of it paid for with cash, the rest bought on open account.
• A one year rental agreement was signed for $7,500 per month. Rent for the first three months was paid in advance.
• Product sales were $103,000, $23,009 of which were cash sales; the rest were on account. Product costs were $64,890.
• Paid wages and salaries of $10,019.
• Paid $23,009 to suppliers for materials that X Company had previously purchased on account.
• Collected $23,688 from customers who had previously purchased products from X Company on account.

What would total assets be on May 31? [Ignore adjusting entries.]