On June 30, 2014, the balance sheet of Zorab & Co. showed total assets of $400,000, total liabilities of $300,000, and owner's equity of $100,000. The following transactions occurred in July of 2014:

• The owner invested an additional $70,000 cash in the business.
• The business purchased equipment for $150,000, paying $60,000 cash and issuing a note payable for $90,000.
• The business paid off $40,000 of its accounts payable.

As of July 31, 2014 what is the amount reported in Total liabilities?

Multiple Choice

$170,000

$400,000

$350,000

$300,000

$520,000