A company was formed with $61,400 cash contributed by its owners in exchange for common stock. The company borrowed $31,400 from a bank. The company purchased $11,400 of inventory and paid cash for it. The company also purchased $71,400 of equipment by paying $10,000 in cash and issuing a note for the remainder. What is the amount of the total assets to be reported on the balance sheet?
A. $154,200
B. $81,400
C. $92,800
D. $164,200
Answer: A
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