Amamurthy Corporation plans to prepare its annual financial statements for its shareholders for fiscal year ending June 30, 2012. Record whether each transaction for Ramamurthy Corporation overstated (O) or understated (U) net income, total assets, total liabilities, or stockholders' equity. You may assume closing entries have been made. If a category is correct, then write (C).

Ramamurthy Corporation purchased equipment on June 16, 2012by issuing a $100,000 note payable. On June 16, Ramamurthy debited accounts receivable for $100,000 and credited notes payable for $100,000.

Total Assets: O/ U/ C ?

Total Liabilities: O/ U/ C ?

Net Income: O/ U/ C ?

Stockholders' Equity: O/ U/ C ?