A company was recently formed with $60,400 cash contributed to the company by its owners. The company then borrowed $30,400 from a bank and bought $10,400 of inventory and paid cash for it. The company also purchased $70,400 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? O $80,400 O $160,800 O $151,200 O $90,800