Rice Co$.$ was incorporated on January $1,20$x$1,$ with $$500,000$ from the issuance of stock and borrowed funds of $$75,000.$ During the first year of operations, net income was $$25,000.$ On December $15,$ Rice paid a $$2,000$ cash dividend. No additional activities affected owners' equity in $20$x$1.$ At December $31,20$x$1,$ Rice's liabilities had increased to $$94,000.$ In Rice's December $31,20$x$1,$ balance sheet, total assets should be reported at

Question $9$ options:

$$692,000$

$$617,000$

$$598,000$

$$600,000$