A company was formed with $61,400 cash contributed by its owners in exchange for common stock. The company borrowed $31,400 from a bank. The company purchased $11,400 of inventory and paid cash for it. The company also purchased $71,400 of equipment by paying $10,000 in cash and issuing a note for the remainder

Required information

What is the amount of the total assets to be reported on the balance sheet?

a.$154,200

b$81,400

c.$164,200

d. $92,800

What is the amount of the total liabilities to be reported on the balance sheet? a.$0

b.$92,800

c.$81,400

d.$61,400