A company was formed with $60,300 cash contributed by its owners in exchange for common shares. The company borrowed $30,300 from a bank. The company purchased $10,300 of inventory and paid cash for it. The company also purchased $70,300 of equipment by paying $10,000 in cash and issuing a note for the remainder. What is the amount of the total liabilities to be reported on the balance sheet? Group of answer choices $60,300 $0 $80,300 $90,600