Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31. DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets Cash $ 21,500 Accounts receivable 520,000 Inventory 157,500 Equipment $ 600,000 Less: Accumulated depreciation 75,000 525,000 Total assets $ 1,224,000 Liabilities and Equity Liabilities Accounts payable $ 345,000 Loan payable 14,000 Taxes payable (due March 15) 89,000 448,000 Equity Common stock $ 472,500 Retained earning