Canyon Corporation The accountant for the Canyon Corporation prepared the following list from the companys accounting records for the year ended December 31, 2014: Retained earnings ? Prepaid expenses $ 3,000 Cash $ 7,000 Common stock 40,000 Accounts payable 15,000 Accounts receivable 17,000 Sales revenue 125,000 Interest income 500 Cost of sales 70,000 Salary expense 4,000 Land 75,000 Income tax expense 200 Notes payable 15,000 Selling expense 45,000 Inventory 20,000 Salaries payable 5,000

Read the above information for Canyon Corporation. Determine the following amounts for Canyon Corporation. A) Total assets at the end of 2014. B) Total liabilities at the end of 2014. C) Total equity at the end of 2014. D) What is the composition of total assets.