Rice Co. was incorporated on January 1, 20x1, 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 Dec 15, Rice paid a $2,000 cash dividend. No additional activies affected owner's equity in 20x1. At Dec 31, 20x1, Rice's liabilities had increased to $94,000. In Rice's December 31, 20x1, balance sheeet, what would total assets be reported at?