X Company, a merchandiser, had the following transactions in August: 1. Borrowed $20,000 from a bank. 2. Bought equipment costing $9,600, paying the manufacturer $5,000 in cash and promising to pay the remaining $4,600 next month. 3. Paid utility expenses of $5,909. 4. Purchased a $6,000, five-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,320 If total equities on August 1 were $72,442, what were total equities on August 31?

A: $60,859 B: $68,770 C: $77,711 D: $87,813 E: $99,229 F: $112,128