Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31. DIMSDALE SPORTS COMPANY Balance Sheet Cash Assets Accounts receivable December 31 $ 36,000 525,000 Inventory Equipment Less: Accumulated depreciation Total assets Liabilities and Equity Liabilities Accounts payable Loan payable Taxes payable (due March 15) Equity Common stock Retained earnings Total liabilities and equity $ 540,000 67,500 $ 360,000 15,000 90,000 $ 472,500 246,000 150,000 472,500 $1,183,500 $ 465,000 718,500 $ 1,183,500