he following information relates to Mikes lawn care business for 2011, its first year of operation:

• Issued stock for $75,000.
• On Jan 1, 2011, borrowed $100,000 from a bank. The interest rate is 10% annually, and principal and interest are due Jan 1, 2012.
• During December, collected $7,399 in cash for service to be performed in Jan 2012.
• Provided a total of $109,710 worth of goods and services during 2011.
• Collected a total of $32,416 in cash for those goods and services given in 2011.
• Paid for and used up $63,912 of supplies during 2011.

Based on the above information, what are the ending balances for Assets, Liabilities, and Equity for Mikes company for 2011?

Assets = 228,197, Liabilities = 117,399, Equity = 110,798

Assets = 260,613, Liabilities = 117,399, Equity = 143,214

Assets = 220,798, Liabilities = 110,000, Equity = 110,798

Assets = 228,197, Liabilities = 107,399, Equity = 120,798