The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: . Capital stock was issued in exchange for $364,000 cash. . Purchased $188,000 of equipment by making a $64,000 cash down payment and signing a note payable for the balance. Made a $37,000 cash payment on the note payable from the purchase of equipment Sold a piece of equipment for cash of $22,000. The equipment was sold at cost, so there is no gain or loss on the sale. What are total assets of Quality Galleries at the end of March? Multiple Choice $488,000 4