Lily Company was started last year when the shareholders invested $$60$ cash into the

company. At that time, Lily Company also borrowed $$100$ cash from a local bank. They

purchased inventory costing $$80$; they paid $$30$ cash and the remaining $$50$ was on

account. This year, Lily Company sold half the inventory $($costing $$40)$ for $$30$ cash.

That is NOT a typographical error: the amount received for half of the inventory was

only $$30$ cash.

Which one of the following statements is true with respect to Lily Company's balance

sheet after the sale date of the inventory?

Note: Assume that there is no interest on the loan.

Cash is $$190.$

Total Owner's Equity is $$50.$

Total Owner's Equity is $$60.$

Total Owner's Equity is $$70.$

Inventory is $$30.$

Total Liabilities are $$100.$

Cash is $$100.$

Total Owner's Equity is $$20.$