A company was formed with $300,000 cash contributed by its owners in exchange for common stock. The company borrowed $150,000 from a bank. The company purchased $50,000 of inventory and paid cash for it. The company also purchased $350,000 of equipment by paying $50,000 in cash and issuing a note for the remainder. What is the amount of the total liabilities to be reported on the balance sheet? A $400,000 B $450,000 $300,000