Royals Palm, Inc. reports the following assets and liabilities. Compute the totals that would appear in the corporation's basic accounting quation (Assets = Liabilities +owner's Equity) .

Cash...............................$55,000 Accounts Payable...............25,000 Land................... ..............12 000 Loan Payable.......................7,000 Accounts Receivable.............10,000 Owner's equity......................45.000