Near the end of 2013, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2013. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2013 Assets Cash 36,000 Accounts receivable 520,000 Inventory 150,000 Total current assets 706,000 Equipment 536,000 Less accumulated depreciation 67,000 Equipment, net 469,000 1,175,000 Total assets Liabilities and Equity 365,000 Accounts payable Bank loan payable 16.000 89,000 470.000 Total liabilities 474.000 Common stock 231,000 Retained earnings 705,000 Total stockholders' equity 1,175,000 Total liabilities and equity