Computation of assets, liabilities, and owners’ equity after a series of transactions

Computation of assets, liabilities, and owners’ equity after a series of transactions. The December 31, Year 1 balance sheet of Charles Realty reported total assets of $900,000, total liabilities of $350,000, and owners’ equity of $550,000. The following transactions occurred in January of Year 2: (1) The business purchased land for $250,000, paying $100,000 cash and issuing a note payable for the balance. (2) The business collected accounts receivable totaling $45,000. (3) The business sold land costing $50,000 for $60,000 cash. (4) The business paid $50.000 of the note payable. Compute the following at January 31, Year 1: A. Total assets B. Total liabilities C. Owners’ equity