A company was formed with $60,200 cash contributed by its owners in exchange for common stock. The company borrowed $30,200 from a bank. The company purchased $10,200 of inventory and paid cash for it. The company also purchased $70,200 of equipment by paying $10,000 in cash and issuing a note for the remainder. What is the amount of the total assets to be reported on the balance sheet? Multiple Choice $150,600 $80,200 $90,400 $160,600