Investors buy shares in Quietus Ltd. for $5 million. On Day One of the companys operations, $3 million is spent on assets and $4 million is borrowed from the Bank. By the end of the first month they have also bought $20 million of goods for resale on credit and made sales of $25 million on credit. There is no inventory left. Ignore all other transactions and expenses. The accounting equation at that point in time is * assets: $34 million; liabilities: $14 million; equity: $20 million assets: $9 million; liabilities: $14 million; equity: $10 million assets: $19 million; liabilities: $4 million; equity: $10 million assets: $34 million; liabilities: $24 million; equity: $10 million none of the above