The following accounts and amounts are taken from the accounting records of Martindale Ltd. Account Amount Cash AmountAccount $16,200 Accounts payable 3,000 salaries payables $54,100 Accounts receivable 3,200 Inventory 44,000 Unearned revenue 12,400 40,000 50,000 Prepaid rent Supplies Equipment Accumulated depreciation 69,000 Long term note payable 5,000Common shares 213,000 Retained earnings 150,000 68,000 Total liabilities are $109,700. Select one: True False