Use the following information to answer questions 16 and 17. A company was formed with $60,000 cash contributed by its owners in exchange for common stock. The company borrowed $20,000 from a bank. The company purchased $10,000 of inventory and paid cash for it. The company also purchased $80,000 of equipment by paying $10,000 in cash and issuing a note payable for the remainder. 16. What is the amount of the total liabilities to be reported on the balance sheet? A. $60,000. B. $0. C. $90,000. D. $100,000.

17. What is the amount of the total assets to be reported on the balance sheet? A. $150,000. B. $160,000. C. $90,000. D. $80,000.