Presented below are the ending balances for Strata Corp at December 31, Year 1. Credits $ 4,500 600,000 Account Title Debits Cash $ 25,000 Accounts receivable 136,000 Raw materials 29,000 Note receivable 117,000 Interest receivable 3,500 Interest payable Marketable securities 41,500 Land 45,000 Buildings 1,360,000 Accumulated depreciation-buildings Work in process 44,000 Finished goods 96,000 Equipment 370,000 Accumulated depreciation equipment Patent (net of amortization) 125,000 Prepaid rent (for the next two vears) 66,500 Deferred revenue Accounts payable Note payable Cash restricted for payment of note payable 77,000 Allowance for uncollectible accounts Sales revenue Cost of goods sold 520,000 Rent expense 33,000 138,000 30,000 175,000 410,000 11,300 840,000 Additional Information: 1. The company's operating cycle is 18 months. 2. The note receivable and related interest is due December 31, Year 3. 3. The note payable and related interest is due June 30, Year 2. 4. Deferred revenue will be recognized as revenue equally over the next six years. 5. Management intends to put the building up for sale in November Year 2, and estimates it will take 90 days to sell. Required: What are total current assets as of December 31, Year 1? $1,258,375 $473,950 $1,181,375 $1,378,875 $515,000 $1,247,075 $470,450