QUESTION 3 Sunny Company has the following account balances after adjusting entries at December 31, 2012: Accounts Payable $24,000

Dividends 7,000

Treasury Stock, Common (22,000 shares) 98,000

Preferred Stock ($10 par) 80,000

Land 220,000

Cash 220,000

Equipment 120,000

Accounts Receivable 90,000

Common Stock ($1 par) 365,000

Sales 820,000

Prepaid Rent 70,000

Bonds Payable (due 2030) 120,000

Premium on Bonds Payable 8,000

Cost of Goods Sold 720,000

Interest Expense 20,000

Unearned Revenue 20,000

Allowance for Doubtful Accounts 15,000

Operating Expenses 97,000

Accumulated Depreciation- Equipment 40,000

Paid-in Capital in Excess of Par Value, Common 113,000

Retained Earnings 57,000

The total assets on the December 31, 2012 balance sheet would be:

A. $ 720,000

B. $ 665,000

C. $ 674,000

D. $ 680,000

E. None of the above