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 best represents the accounting equation of this company? Multiple Choice $490,000 $390,000 $100,000 $520,000 $350,000 $170,000 $470,000 $300,000 $170,000 $430,000 $260.000 +$170,000 None of the other alternatives are correct