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 $10 million of goods for resale on credit and made sales of $25 million on credit. The remaining inventory had a cost of $3 million. Ignore all other transactions and expenses. Owners equity at that point in time is

Select one:

a. $15 million

b. $23 million

c. $ 5 million

d. $20 million

e. none of the above