Troy Co. began operations on January 1, 2011, with $100000 from the issuance of stock and borrowed funds of $15000. Net income for 2011 was $5000 and Troy paid a $400 cash dividends on December 15. No additional activities affected owner's equity in 2011. At December 31, 2011 Troy's liabilities had increased to $18000. In troys's December 31, 2011, balance sheet , total assets should be reported at
$119600
$120000
$123400
$138400