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 Accounts recevable S 35,500 520,000 50,000 Total current assets Equipment 705,500 S 540,000 67,500 Equipment, net 472,500 Total assets S 1,178,000 Liabilities and Equity Accounts payable Bank loan payable Taxes payable (due 352014) S 375,000 6,000 89,000 S 480,000 Total liabilities Common stock Retained earnings 471,000 227,000 Total stockholders' equity 698,000 Total liabilities and equity S 1,178,000