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Indirect Oil Co. reports these account balances at December 31, 2014 accounts payable 55,000 land 100,000 notes payable 130,000 Equip. 80,000 CAsh 40,000 accounts receivable

Indirect Oil Co. reports these account balances at December 31, 2014

accounts payable 55,000

land 100,000

notes payable 130,000

Equip. 80,000

CAsh 40,000

accounts receivable 50,000

building 120,00

capital stock 170,000

retained earning 35,000

On January 2, 2015, Indirect Oil collected $25,000 of its accounts receivable and paid $20,000 of its accounts payable. On January 3, 2015, total liabilities are:

1.$185,000.2.$165,000.3.$150,000.4.$70,000.

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