The following transactions occurred during May, the first month of operations for Hunter Products, Incorporated: Issued 40,000 shares of capital stock to the owners of the corporation in exchange for $480,000 cash. Purchased a piece of land for $300,000, making a $100,000 cash down payment and signing a note payable for the balance. Made a $50,000 cash payment on the note payable from the purchase of land. Purchased equipment on credit from BBW, Incorporated for $53,000. What is the total of Hunter Products' liabilities at the end of May?

Multiple Choice

• $150,000

• $53,000

• $253,000

• $203,000