The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: Capital stock was issued in exchange for $366,000 cash. Purchased $192,000 of equipment by making a $66,000 cash down payment and signing a note payable for the balance. Made a $38,000 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $24,000. 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

• $492,000

• $168,000

• $286,000

• $454,000