62 Montauk Oil Co. reports these account balances at December 31, 2014 Accounts Payable $ 111,000 Land $ 201,000 Notes Payable $ 261,000 Equipment $ 161,000 Cash $ 81,000 Accounts Receivable $ 101,000 Buildings $ 241,000 Capital Stock $ 341,000 Retained Earnings $ 71,000 On January 2, 2015, Montauk Oil collected $51,000 of its accounts receivable and paid $21,000 of its accounts payable. On January 3, 2015, total liabilities are:

$372,000.

$351,000.

$301,000.

$71,000.