The assets of Laredo & Associates consist entirely of current assets and net plant and equipment. The firm has

total assets of $$3,200,000$ and net plant and equipment equals $$2,400,000.$ It has notes payable of $$200,000,$ long$-$

term debt of $$1,000,000,$ and total common equity of $$1,750,000$ and it also has accounts payable and accruals on

its balance sheet. The firm only finances with debt and common equity, so it has no preferred stock on its balance

sheet. What is the company's total liabilities & equity?

$$2,500,000$

$$2,750,000$

$$2,950,000$

$$3,200,000$

$$3,500,000$