Ceramic Products, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order): Accounts Payable $ 31,000 Accounts Receivable 23,000 Buildings 156,000 Capital Stock 188,000 Cash 16,000 Equipment 23,000 Land 83,000 Notes Payable 27,000 Retained Earnings 52,000 On January 5, Year 2, Ceramic Products collected $15,000 of its accounts receivable and paid $14,000 on its note payable. On January 6, Year 2, total liabilities are:

Multiple Choice

• $58,000.

• $44,000.

• $284,000.

• $0.