Flip, Inc. was incorporated on January 1, year 1, with proceeds from the issuance of $750,000 in stock and borrowed funds of $110,000. During the first year of operations, revenues from sales and consulting amounted to $82,000, and operating costs and expenses totaled $64,000. On December 15, Flip declared a $13,000 cash dividend, payable to stockholders on January 15, year 2. No additional activities affected owners' equity in year 1. Flip's liabilities increased to $120,000 by December 31, year 1. On Flip's December 31, year 1 balance sheet, total assets should be reported at current assets?