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A company was formed with $61,500 cash contributed by its owners in exchange for common stock. The company borrowed $31,500 from a bank. The company

A company was formed with $61,500 cash contributed by its owners in exchange for common stock. The company borrowed $31,500 from a bank. The company purchased $11,500 of inventory and paid cash for it. The company also purchased $71,500 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? What is the amount of the total liabilities to be reported on the balance sheet?

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