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Hoffman Paper Company, a profitable distributor of stationery and office supplies, has an agreement with its banks that allows Hoffman to borrow money on a short-term basis to finance its inventories and accounts receivable. The agreement states that Hoffman must maintain a current ratio of 1.5 or higher and a debt ratio of 50 percent or lower.

Cash	$ 50,000		Current liabilities	$ 190,000
Accounts receivable	150,000		Long-term debt	310,000
Inventory	250,000		Stockholders equity	630,000
Fixed assets (net)	680,000		Total liabilities and stockholders equity	$1,130,000
Total assets	$1,130,000

Given the balance sheet provided above, determine how much additional money Hoffman could borrow at this time to invest in inventory and accounts receivable without violating the terms of its borrowing agreement. Round your answer to the nearest dollar.

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