Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31.

DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets Cash $ 21,000 Accounts receivable 520,000 Inventory 135,000 Equipment $ 636,000 Less: Accumulated depreciation 79,500 Equipment, net 556,500 Total assets $ 1,232, 500 Liabilities and Equity Liabilities Accounts payable $ 360,000 Loan payable 13,000 Taxes payable (due March 15) 90,000 $ 463,000 Equity Common stock $ 470, 500 Retained earnings 299,000 Total stockholders' equity 769,500 Total liabilities and equity $ 1, 232, 500