Reference no: EM132850704

Question - Bassett, Inc. went into business on Oct. 1, 2020. Following are Bassett's transactions during 2020:

Oct. 1, 2020 - Bassett, Inc. formed and received $40,000 from its equity investors.

Oct. 1, 2020 - Bassett borrowed $60,000 and agreed to pay $66,000 back on October 1, 2022.

Nov. 1, 2020 - Purchased land for $60,000 cash.

Nov. 1, 2020 - Purchased equipment (5-year useful life, no salvage value) for $24,000 cash.

Nov. 1, 2020 - Paid 3 months rent on a building for $9,000.

Nov. 5, 2020 - Purchased inventory costing $24,000 on account.

Nov. 12, 2020 - Sold $18,000 of inventory for $56,000 on account.

Nov. 25, 2020 - Collected $30,000 of the account receivable.

Nov. 25, 2020 - Paid the full amount of accounts payable

Dec. 1, 2020 - Paid employees $12,000 in cash.

Dec. 15, 2020 - Sold two-thirds of the land for $36,000.

Dec. 26, 2020 - Received a utility bill for $2,600, which will be paid in January, 2021.

Dec. 31, 2020 - Paid a dividend of $10,000.

Required - How much did Bassett have in cash at December 31, 2020?