Lobo Co. was incorporated on July 1, 2011, with $200,000 from the issuance of stock and borrowed funds of $30,000. During the first year of operations, net income was $10,000. On December 15, Lobo paid an $800 cash dividend. No additional activities affected owners' equity in 2011. At December 31, 2011, Lobo's liabilities had increased to $37,600. In Lobo's December 31, 2011, balance sheet, total assets should be reported at