Problem - On December 31, Year 15, Cutoff Corporation reported total assets of $142,000 prior to the following adjusting entries:
- Accrued expenses totaled $14,000
- Expired insurance which was prepaid totaled $5,000
- Rent revenue earned was $12,000; the rent was prepaid by the tenant and credited to unearned rent revenue
- Depreciation expense was $22,000
- Accrued service revenues totaled $12,000
How much are Cutoff's total assets after adjusting entries?