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A company's balance sheet as of January 1, 20X56, is as follows: Account Amount Cash $270,000 Accounts Receivable $290,000 Inventory $300,000 Prepaid Expenses $195,000 Property,

A company's balance sheet as of January 1, 20X56, is as follows:

AccountAmount
Cash$270,000
Accounts Receivable$290,000
Inventory$300,000
Prepaid Expenses$195,000
Property, Plant & Equipment$2,050,000
Accumulated Depreciation$370,000
Accounts Payable$390,000
Notes Payable$660,000
Common Stock$840,000
Retained Earnings$1,120,000

Calculate the following:

  1. Total Assets
  2. Total Liabilities
  3. Total Equity

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