The Monk Company Reports the Following Accounts and Balances on December

Essay

The Monk Company reports the following accounts and balances on December 31,2015.
$$\begin{array} { l l } \text { Accounts Payable } & \$ 14,400 \\\text { Accounts Receivable } & 8,000 \\\text { Cash } & 26,000 \\\text { Equipment } & 80,000 \\\text { Land } & 56,000 \\\text { Long-term Note Payable } & 70,000 \\\text { Merchandise Inventory } & 28,000 \\\text { Paid-in Capital } & ? \\\text { Retained Earnings } & 14,400\end{array}$$
Required:
Prepare a balance sheet at December 31,2015.