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

Accounts Payable$110,000

Land$200,000

Notes Payable.$260,000

Equipment.$160,000

Cash$80,000

Accounts Receivable$100,000

On January 2, 2015, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable.

In a trial balance prepared at January 3, 2015, the total of the debit column is:

	$520,000.
	$1,570,000.
	$740,000.
	$370,000.