Near the end of 2015, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2015. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2015 Assets Cash Accounts receivable $ 36,500 520,000 95,000 $651,500 Total current assets Equipment Less accumulated depreciation $612,000 76,500 Equipment, net 535,500 Total assets $1187,000 Liabilities and Equity Accounts payable Bank loan payable Taxes payable (due 3/15/2016) $340,000 5,000 88,000 $443,000 Total liabilities Common stock Retained earnings 473,000 271,000 Total stockholders' equity 744,000 Total liabilities and equity $ 1187,000