Company was incorporated on July 1,2014 with $200,000 from the issuance of stock and borrowed funds of $30,000. During the first year of operations, net income was $10,000. On December 15, Company paid and $800 cash dividend. No additional activities affected owners' equity in 2014. At December 31, 2014, Company's liabilities had increased to $37,600. In Company's December 31, 2014 balance sheet, total assets should be reported at