Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Cash Assets Accounts receivable Inventory Total current assets Equipment Less: Accumulated depreciation Equipment, net Total assets $ 36,500 520,000 157,500 $ 714,000 588,000 73,500 514,500 $ 1,228,500 Liabilities and Equity Accounts payable $ 380,000 Bank loan payable Taxes payable (due 3/15/2020) 13,000 91,000 Total liabilities $ 484,000 Common stock 474,500 Retained earnings 270,000 Total stockholders' equity 744,500 Total liabilities and equity $1,228,500