A company was formed with $61,900 cash contributed by its owners in exchange for common shares. The company borrowed $31,900 from a bank. The company purchased $11,900 of inventory and paid cash for it. The company also purchased $71,900 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? Multiple Choice $81,900 $0 $93,800 $61,900