During the year 2013, the company had the following activities (note none of these activities should impact the income statement, only the balance sheet):

Applied for and received a $37,000 loan from the city, payable in three years.

Purchased additional equipment costing $48,000; paying $17,000 cash and signing a promissory note to pay the balance in two years.

Bought additional inventory for $14,000 on account.

Issued additional shares of stock, receiving $60,000 cash.

Collected $35,000 cash on open accounts receivable from customers.

Paid off $12,000 of notes payable a year early.

Hired a new CEO on the last day of the year. The contract was for $150,000 for each full year worked.

Returned $1,900 of defective inventory to the manufacturer, receiving a cash refund.

Paid $23,000 of Accounts Payable.

Paid $5,000 of Salaries Payable.