The following financial information is from Cook Company:
Accounts Payable $ 55,000
Land $ 90,000
Inventory $ 10,500
Accounts Receivable $ 7,500
Equipment $ 8,000
Deferred Revenue $ 58,500
Short-Term Investments $ 20,000
Notes Receivable (due in 8 months) $ 45,500
Interest Payable $ 2,000
Patents $ 75,000
What is the total amount of long-term assets assuming the accounts above reflect normal activity?
A) $342,500.
B) $173,000.
C) $273,500.
D) $98,000.
Answer: B
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