Montauk Oil Company reports these account balances at December 31, Year 1: Accounts Payable$ 114,000
Land204,000
Notes Payable264,000
Equipment164,000
Cash84,000
Accounts Receivable104,000
Buildings244,000
Capital Stock344,000
Retained Earnings74,000

On January 2, Year 2, Montauk Oil collected $54,000 of its accounts receivable and paid $24,000 of its accounts payable. On January 3, Year 2, total liabilities are:

Multiple Choice