Montauk OIl Company reports these account balances at December $31,$ Year $1$

On January $2$ Year $2,$ Montauk Oll collected $$46,000$ of its accounts recelvable and pald $$16,000$ of its accounts

payable.

In a trlal balance prepared at December $31,$ Year $1$ the total of the deblt column $1$s:

Multiple Choice

$$1,000,000$

$$1,504,000.$

$$694,000.$

$$760,000.$