X Company was formed on July 1, 2017, and had the following transactions during the rest of 2017:

received $8,235 in cash contributions from the owners

purchased $8,681 worth of merchandise, all on account

sold merchandise that cost $9,216 for $11,520, all on account

paid $3,494 to suppliers for merchandise purchased on account

received $3,419 from customers for merchandise sold on account

paid $5,074 for land and equipment

borrowed cash from the bank in the amount of $4,129

What were total assets on December 31, 2017 (ignore depreciation on the equipment and interest on the loan)?