X Company was formed on July 1, 2017, and had the following transactions during the rest of 2017: . received $8,970 in cash contributions from the owners purchased $8,556 worth of merchandise, all on account sold merchandise that cost $7,247 for $12,079, all on account . paid $3,370 to suppliers for merchandise purchased on account . received $3,610 from customers for merchandise sold on account - paid $5,845 for land and equipment borrowed cash from the bank in the amount of $4,972 What were total assets on December 31, 2017 (ignore depreciation on the equipment and interest on the loan)