Computation of assets, liabilities, and owners' equity after a series of transactions On April 30, 2014, the balance sheet of China Collectibles showed total assets of $700,000, total liabilities of $400,000, and owners' equity of $300,000. The following transactions occurred in May of 2014 (1) Capital stock was issued in exchange for $165,000 cash (2) The business purchased equipment for $360,000, paying S160,000 cash and issuing a note payable for $200,000. (3) The business paid S70,000 of its accounts payable. (4) The business collected S54,000 of its accounts receivable. Compute the following as of May 31, 2014 (A.) Total assets S (B.) Total liabilities S (C.) Owners equity S